$288 billion property market set for digital transformation

A new conveyancing tool is set to change the way lawyers, conveyancers and financiers across the South Australia exchange property.

The national online conveyancing platform, PEXA, is changing the need for physical attendance at settlement, and facilitating the secure, electronic exchange of documentation and funds online.

The platform is designed to reduce reduction in delays and failed settlements, as well as the risk of fraudulent property transactions.

GlobalX Legal Solutions is integrating access to the PEXA platform through its software.

According to GlobalX CEO Peter Maloney, South Australian home buyers and sellers will be the major beneficiaries of the new technology. 

“Lawyers and conveyancers will experience considerably shorter settlement timeframes, and will enjoy cost savings, increased productivity and real time access to data,” he said.

“This in turn will dramatically improve the homebuyer or seller’s experience.

“The introduction of electronic conveyancing will change South Australia’s property market forever, offering greater certainty and efficiency in the settlement process for legal practitioners and consumers alike”.

A mobile application, SettleMe,  tracks their electronic settlement in real time.

Mike Cameron, PEXA’s group executive of operations said for the first time conveyancers, lawyers, banks and land registries can now collaborate online over a full business day span rather than spending additional time travelling to the Grenfell St settlement room at 11:30am to finalise transactions.

The PEXA platform is currently live in Victoria, New South Wales, Western Australian and Queensland, with South Australia expected to go live in early July of this year. 

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