Marsdens Law Group are one of just five firms in NSW taking part in a pilot program to electronically settle the sale and purchase of homes – known as e-conveyancing.
PEXA Software enables settlements to occur instantly rather than the old school method that has been in place for more 50 years where parties to the transaction currently have to attend a common place and physically exchange documents and bank cheques.
E-conveyancing is an initiative championed by the property industry to simplify and digitise the complex process of property exchange.
Instigated by the Council of Australian Governments (COAG), it’s built around an online network of members supported by PEXA.
E-conveyancing minimises the manual processes and paperwork associated with property settlement by enabling lawyers, conveyancers and financial institutions to transact together online.
Marsdens Law Group partner Peter Crittenden says an electronic approach is the future for conveyancing.
“It streamlines the process and enables all parties to a transaction to communicate through the PEXA platform, which gives a greater certainty of the outcome for the parties,’’ Mr Crittenden said.
[social_quote duplicate=”no” align=”default”]“Settlement proceeds are electronically deposited into the vendor’s account and discharging mortgagees account.[/social_quote]
“This occurs instantaneously with the settlement and there are no more delays in registering documents at NSW Land and Property Information (LPI NSW).
“This can only be a good thing,” Mr Crittenden said.
Marsdens Law Group already use the most modern technology available to meet their clients’ needs.
“By keeping our technology ahead of most other legal firms means that we can deliver to our clients a more efficient yet affordable legal service,’’ Mr Crittenden said.
“Without this advanced technology we would be just another law firm.’’
If you are buying or selling your home and would like further information on e-conveyancing please contact Peter Crittenden, who is also a property accredited specialist on 4626 5077 or email him at pcrittenden@marsdens.net.au
Who is going to protect the validity of our title deeds when the Liberal State Government flogs of the Land Titles Office to a mate or will we have to take out Title Insurancce like they do in the US