Manual settlements are a bit complicated and demanding, and generally hard to deal with. But these pains have been removed thanks to the new revolutionary way of transferring property thanks to PEXA. There is a certain attractiveness of paperless transactions and this has now become a reality in Australia. Thanks to the legislations passed a while back, all the manual processes of exchanging properties have all been replaced by e-conveyancing.
Land Registries, practitioners and financial institutions can now easily transact online through a safe and secure platform. It has removed many steps associated with the manual alternative, and consequently, made it faster and more convenient for all.
The sheer number of properties that occur across Australia – close to a million as of now – means that e-conveyancing has ushered in a new era.
The role of Information sponsors or Brokerage firms
In a bid to further its ambitions, PEXA has partnered with the leading information sponsors to integrate PEXA into their existing products and services. A reputed information broker has nurtured relationships with many property lawyers and conveyancers, implying that their reach can help make e-conveyancing the only go-to method for transacting in the near future.
Information sponsors, when they first appeared, played simpler roles of providing information, such as making title deeds available. Those that grew increased their offerings to legal services as they grew their clientele. Today, the biggest ones offer legal support, and conveyancing services to the market, as well as software packages.
The integration with PEXA has been, for both PEXA and sponsors is a huge step in the right direction as far as realizing paperless settlement goes. It has enabled data to be transmitted between different apps, making it unnecessary to rekey it. It has enabled consolidation of customer account information, as well as billing.
Practitioners that have signed on with the information sponsors therefore get access to a platform where Registry documents, settlement schedules are easily created and information easily shared by all the parties involved. Once the preparations are complete and the settlements made, PEXA then files with the appropriate Land Registries, exchanges funds, pay stamp duty and other beneficiaries.
The acceptance of PEXA by these sponsors is an indication that it works for both their customers and them. The customers especially stand to benefit as all the steps in the real estate conveyance process is easily managed online.
For PEXA, becoming a part of the existing market made possible by sponsors was a highly calculated step, and one with very positive outcomes. A lot of practitioners now have a good reason to smile as their businesses have become more streamlined. There are fewer steps to follow, fewer physical meetings to attend and fewer delays. Lawyers and conveyancers can still access PEXA directly, if they wish to.
The information sponsors that have integrate with PEXA have been listed in the company website, should you want to find more about how or why the relationships were forged.
As a practitioner, it makes sense to sign on with an information sponsor. It opens up a whole new world of possibilities, and can help you scale much faster. Choose the right sponsor or broker and make the job easier for you.