The Digital Transformation of Property Transactions

With the popularity of Digital Property Settlements rising, the benefits to all parties involved are becoming apparent throughout the Industry.

The Chief Executive of Property Exchange Australia (PEXA), Marcus Price has been quoted as saying:

“People buying and selling homes will increasingly become aware that there’s a better way to exchange property that diminishes delays and other pain points associated with manual settlements,”.

Benefits of PEXA may not be direct to Mortgage Brokers but they certainly extend to Brokers via Client experience and Lender processing. Such benefits include:

• Higher Settlement Success Rate;
• Earlier settlement times (Starting from 11am);
• The end of bank cheques and the costs associated;
• Instantaneous transfer of title registration;
• Real time clear finds transfers backed by the RBA; and
• Less chance of human error with document validation prior to settlement.

Property Industry professionals looking to achieve the best Customer journey should be considering the following when assisting Clients:

• How much experience does the chosen Lender have with Digital Settlements?
• Is the Clients Conveyancer PEXA certified? and
• Does the Conveyancing professional have procedures in place should a Digital Settlement no longer be an option?

As a forward thinking and prudent Law Firm, Astills Lawyers has had all team members certified and trained through PEXA for Digital Settlements to ensure that all Conveyancing transactions processed by us are performed to the highest standards that one would expect.

Astills Lawyers were early adopters of the technology being one of the first Law Practices in Australia to complete an electronic conveyance and has already processed over 500 PEXA transactions across multiple jursidictions within Australia.

It’s clear that digital settlements will be the status quo in the coming year and that any property professional who is not aware of the change, benefits and processes will be left scratching their head once it is mandated nationally. If you are looking for answers regarding PEXA and how it can benefit you, feel free to contact our team, always happy to assist.