Law firms Cowell Clarke and MinterEllison, in conjunction with developer Penny Place, settle Adelaide's Kodo precinct on PEXA Projects.
Traditionally, settling large-scale developments requires time-consuming and error-prone manual data entry. With multiple lots sometimes settling in the same week, or even on the same day, the pressure and complexity is a challenge for all parties.
But for South Australian industry members, this laborious process is a thing of the past, with PEXA Projects enabling these developments to settle electronically.
PEXA Projects is a developer solution that streamlines the execution of settlement, providing the ability to bulk upload and sign electronically.
Adelaide’s Kodo precinct stands 30 storeys high, making it the tallest residential development in South Australia – and many of its lots were settled digitally by law firms Cowell Clarke and MinterEllison, in collaboration with developer Penny Place.
“PEXA provided transparency at every step and removed the need to physically attend settlements and deliver cheques – a huge time waster for us. Importantly, the mortgagee can more easily monitor progress of settlements and receipt of funds,” said John Brimacombe, Partner at MinterEllison.
Fellow firm Cowell Clarke also enjoyed efficiency gains, explains Cowell Clarke’s Linley Schultz.
“Using PEXA Projects, we were able to upload information directly from our spreadsheets into the PEXA platform. Once we had the data in the correct format, we created 192 workspaces at the push of a button!”
But its not just the panel law firms and conveyancers who are experiencing benefits from PEXA Projects – developers have GST withholding paid at settlement and can receive funds faster.
“We finalised the priority settlements within a week of the issue of new titles for the apartments. Our client’s decision to use PEXA for the settlements, with PEXA Projects available at no additional cost, was crucial for us to achieve completion within that timeframe,” said Linley.
As the benefits of PEXA in South Australia become more widely realised by practitioners and developers alike, the best time to start transacting is now, believes Linley.
“It is an invaluable tool to assist us to provide the best possible property and conveyancing services to our clients, we are pleased to recommend PEXA Projects for large-scale conveyancing projects in South Australia.”