In a historic transaction for the Australian property market, the first housing transaction that was paperless from exchange to settlement was executed in June.
The vendor had access to the money from the sale in 10 minutes and was able to skip through weeks of visits to lawyers’ offices and cheque banking. All through PEXA, the federal government’s national electronic conveyancing initiative.
In the past, every legal document had to be printed, scanned and emailed. Amendments had to be handwritten and printed out. Reams of document exchange were done manually.
And Go Go Conveyancing are embracing this digital revolution with our first regional paperless conveyance occurring this week.
There have been other PEXA settlements since the program started in 2010 – the first e-settlement was Commonwealth Bank of Australia and Land Victoria in 2013 – but they involved a physical exchange of contracts.
The AFR note that PEXA wants to increase cost efficiencies for the laborious but lucrative $1.2 billion conveyancing industry by allowing land registries, financial institutions and buyers and sellers to transact together, online. Read their article here …
InfoTrack is a workflow technology company and considered a “disrupter” in data management having introduced contact-less contract signing from anywhere in the world
Seventy-two financial institutions have signed up to transact property online through PEXA.
Talk to Go Go Conveyancing today to find out how you can benefit from a paperless property settlement.