By Bernadette Zaydan
February 10, 2016
Solicitors and conveyancers can now utilise e-conveyancing on behalf of their clients.
E-conveyancing is a means of conducting settlements online and parties exchange documents and cheques electronically through the PEXA network without leaving the office.
Currently, Wisewould Mahony physically attends more than 2,300 settlements each year at various locations around the CBD and regional Victoria. E-conveyancing will eventually alter the need for physical attendance to settle property transactions.
PEXA’s origins came about when the major banks joined forces in 2013.
Arguments in favour of e-conveyancing are:
However, e-conveyancing will ultimately increase the cost of conveyancing because each party pays a fee to PEXA.
Wisewould Mahony is a registered user of the PEXA network and we have successfully conducted electronic transactions on behalf of our clients.
The Registrar has imposed an obligation to verify the identity of individuals who enter into a property transaction after 1 January 2016:
Wisewould Mahony has vast experience advising clients in relation to their property transactions. We are committed to adapting to new practices to ensure our clients receive the best service available.