The merits of doing e-conveyancing are discussed in a Q and A with a conveyancer about Property Exchange Australia (PEXA), which is an online property exchange that allows property lawyers and conveyancers to electronically lodge Land Registry documents, and complete Financial Settlement.
Of note are the following points:
Q. What are the main benefits?
I can do a PEXA transaction without making a phone call to the mortgagee. The real nirvana is making a transfer without picking up the phone and not having to deal with banks and call centres. Good conveyancing is about dealing with your own client. The other benefit is dealing with other parties as peers. PEXA users treat each other like friends. As an industry we have to ask what procedures add value. Where, for example, in running our businesses are we swimming laps and where are we drowning?
Q. Can you paint a picture or an example of where going online recently helped your business?
I recently had a situation where I checked in to the PEXA Workspace for a transfer progress update. I left the Workspace and then returned later. In that time the transfer had been countersigned by the other party. PEXA brings a three dimensional view of the matter. With paper you can’t see when the other parties are ready. The PEXA system signals to you what the other parties are doing. These are attractive attributes that give practitioners the incentive they need to take their business online.
Q. What insights do you have for firms hesitant to go digital?
Looking into the future firms doing online transfers will become more cost effective with their service delivery, making real operational efficiency savings. Eventually the industry will have a shake out. Some will become unviable and stop conveyancing as they won’t be as efficient as others. It’s disappointing that the settlement agent industry will face major dislocation but it will become a relic of the paper-world. Ultimately PEXA is good for clients but even better for practitioners. I can tell you which system I’d rather use. PEXA will become our industry’s tool.