PEXA Electronic Conveyancing pt.1
PEXA has been forging its way across the Australian conveyancing market and completely changing how people interact with the industry.
One of Queensland’s first conveyancing firms to implement PEXA is Ownit Conveyancing. Their legal practice is focused towards dealing with high volumes of conveyancing from both buyers and sellers of property. Ownit has always aimed to provide these services in a cost and time effective manner, and their implementation of PEXA is testament to this.
One of the big questions to ask if you are in the conveyancing industry is whether PEXA would suit your model or not. To highlight an example of the perfect relationship of PEXA with a firm, we asked Ownit Conveyancing about their implementation and their reasons for the quick uptake.
What Did Your Company Know About Electronic Conveyancing Before PEXA?
Whilst the Firm was immediately excited by the concept of e-conveyancing, we were initially concerned about the additional fees associated with the PEXA settlement service. Settlement fees under the manual system are $44 as opposed to $106.26 electronically.
After investing a great deal of time in understanding the benefits of the PEXA platform, it is now clear that by transacting electronically we will save several hours per file in wasted time sitting on-hold to banks trying to book settlements. We often come across wait times of up to 45 mins on hold in an attempt to book in a settlement. Furthermore, it is not uncommon for staff to call financiers on numerous occasions throughout one transaction, so this in itself is hours of staff time we will save per file. The PEXA process will eliminate this step completely and therefore increase staff productivity, which entirely outweighs the additional $62.26 settlement fee.
What Real World Benefits Did You Find From Electronic Conveyancing?
There is a huge benefit that comes with e-conveyancing. It simply eliminates a number of issues that would frequently arise with manual settlements, such as cheques being drawn incorrectly, settlement agents attending the wrong location and increased flexibility in settlement times. More importantly there is greater protection for our clients as Transactions will be registered almost immediately upon settlement taking place, whereas the manual process leaves parties exposed to risk with registration delays.
In part two of this post, we will look at tips for law firms looking to implement PLEXA, as well as more key benefits of working with electronic conveyancing and GlobalX.