18 December 2017 –
Edgar and Wood is making the process of buying and selling property more convenient by moving to an online lodgement platform that allows land transfer documents and financial settlements to be completed electronically rather than using a paper based system.
As one of the first solicitors in the region to join Property Exchange Australia (PEXA), Edgar and Wood is urging other solicitors to get on board.
For the transaction to be completed through PEXA all parties, including the buyer and the vendor’s solicitors and financial institutions have to be members of the platform.
Edgar and Wood Partner Michael Wood said the introduction of PEXA gave solicitors the ability to arrange settlements in a more timely way to suit client’s individual circumstances.
“Gone are the days that we have to organise a set time and location to physically hand over documents and cheques.
“Instead of meeting somewhere, the representatives of the parties and their financiers meet electronically in a virtual settlement room, where registry instruments like the transfer, mortgage and discharge documents, are prepared and electronically signed.
“It’s an exciting step forward in the world of conveyancing and we’re looking forward to being able to do more transactions this way,” Mr Wood said.
While electronic conveyancing does not cover the whole of the conveyancing transaction, it does mean that the preparation for and execution of settlement and registration, can be done from various locations without the need to meet in person.
PEXA is currently the only approved electronic lodgement network operator in Queensland.
