The benefits of electronic conveyancing during COVID-19

Covid-19 – conveyancing and property transactions

The benefits of electronic conveyancing during Covid-19

Our preferred approach for a number of years has been to complete our clients’ purchase and sale conveyancing transactions through the electronic conveyancing platform PEXA (Property Exchange Australia). PEXA is Australia’s largest online property exchange network providing a platform for conveyancing lawyers, banks and other professionals to transact electronically.

Following the directives from the Prime Minister and Queensland Health to practice social distancing and social isolation where required, the ability to complete transactions electronically is even more important ensuring that there is no need for a number of parties to be physically present at one location at one time to give effect to your settlement.

The two key benefits of electronic conveyancing are:

  1. practical efficiencies – with electronic conveyancing there is no need for travel and physical settlements, no need to go to be bank and arrange bank cheques on the day of settlement and no need to physically lodge documents with the titles office.
  2. time efficiencies – once the in person obligations are met, documents can be signed electronically on your behalf, money is debited from authorised accounts, transfers are lodged and registered with the titles office. These processes happen simultaneously and automatically so by the end of the day the property you have purchased is in your name or the funds from your sale can be in your bank account.

A further benefit of electronic conveyancing is the streamlining of simultaneous settlements.  These types of settlements happen when you are selling and then purchasing properties at the same time.  In the past, these types of transactions have been logistically difficult with various different parties involved. Electronic conveyancing settlements allow the automation of this process with linked transactions occurring instantly or on certain conditions.

When you are looking for a conveyancing lawyer to help you with your next property transaction be sure to ask them if they are registered with PEXA.  Provided both parties to the contract use PEXA authorised conveyancers then the transaction can proceed electronically.

Life Law Solutions is an experienced PEXA electronic conveyancing law firm.  For enquiries about this service please contact us on 3343 9522 or by email to conveyancing@lifelaw.com.au.  Our property team will be happy to assist you with your enquiries.

 

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