Electronic conveyancing is getting some traction in regional Victoria
The 150-year-old pen and paper method of transacting property ownership in Mildura is ageing according to Sam Iamarino, Principal of Mildura-based legal firm Salvatore E Iamarino. That’s why the firm was quick to make digital history by being the region’s first law practice to complete a client’s property transaction online.
Electronic conveyancing is now starting to get some traction
“How people settle property transactions is finally going digital, just like internet banking and online share trading. I’ve been interested in electronic conveyancing for a while and now it’s starting to get some traction,” said Sam. Law Clerk Kasey Osborne arranged for the legal firm to register for the new technology on Property Exchange Australia’s (PEXA) network.
Selling clients receive their funds more quickly when it’s done online
“The online system is quite simple to use,” she said. “Selling clients receive their funds more quickly when it’s done online. This is very helpful as clients don’t have to wait for cheques to be cleared, the money can be in their bank in minutes (dependent upon the property seller’s financial institution). The PEXA network can also help with sequential settlements (when two or more property settlements need to occur at the same time). “This is a vast improvement from settling the old way. Using the old method I can often be on hold on the phone for up to an hour waiting for the financing banks to book settlement. “Our first transaction (a purchase) took place without a hitch at the agreed time, on the agreed date. Unlike the manual method of exchanging property there was no need to travel to the other solicitor’s office, no need to post documents and no expensive bank cheques.
The buyer’s name was on their new property title within five minutes
“The buyer’s name was on their new property title within five minutes. The old method can take several weeks for the new owner to be registered on the title. “Our clients can also have complete visibility of every stage of the transaction with a tracking app we offer them called SettleMe.
The SettleMe app means clients can watch every stage of the countdown to settlement
“The SettleMe app is downloaded onto their phone or PC and gives our clients the chance to watch every stage of the countdown to settlement. Previously with paper-based transactions they waited until notified of settlement. “The next time we're approached by clients to exchange property on their behalf we'll be inviting the solicitor or conveyancer acting for the other side to sign up to PEXA so that the transaction is completed online.
As a registered PEXA member we picked up interstate business
“News about PEXA is travelling fast. I was recently ‘blown away’ when our firm received an urgent request from interstate to lodge a caveat. The client searched to see who was registered with PEXA, found Salvatore E Iamarino and we had the caveat lodged within minutes!”
Ready to settle your clients' properties online but need a bit of help to get started? PEXA has dedicated specialists trained to guide your practice to a digital future. Even better, it's a free service. Get started by emailing email@example.com