At MDL, we understand that Buying or Selling a property whether it is your home or investment property, or a future development site is one of the largest financial transactions that you may make. As such we always strive to ensuring your legal needs are met more cost effectively, faster, safer as well as more efficiently.
Whilst electronic conveyancing (commonly referred to as PEXA due to the completion of matters on the platform of Property Exchange Australia) is not as yet mandatory in Queensland, MDL has ensure that our clients receive the benefits of being able to complete, verify and lodge documents on behalf of buyers and sellers online and complete financial settlements electronically.
The advantages to our clients from using a law firm proficient with electronic conveyancing can be summarised as follows
Anyone who has sat on hold to a service provider like a bank or telephone company knows the delay caused by listening to options to work out which number to push for the next option. Manual settlements, require our staff to communicate with financiers for both sellers and buyers by phone to book settlements, draw cheques, receive payout figures and generally jump the hurdles required by the banks to complete a settlement
With electronic settlements, documents required to speed up your loan approval are uploaded online, communication with the banks is done through an online “conversations” direct to the bank, and the electronic system updates and notifies the parties to each stage the bank is at, including when they have received and processed loan documents and when they are ready to settle a matter.
This streamlined and transparent process means that we can keep our clients informed as to the progress of matters immediately as they move through the process of the conveyance.
Clients are also able to track their transaction with a free settlement app which navigates the process with customised checklists and real-time updates. The app allows us to keep clients informed by SMS or text throughout the settlement process and providing clients with direct access to their transaction.
Government departments such as the Office of State Revenue and Land Titles Office are linked to the electronic conveyancing, meaning less human error and also checks in place as to documentation being done prior to settlement. Lodgement documents such as transfers and mortgage releases are processed prior to completion of the electronic settlement process to ensure there are no errors in relation to any part of the process. Also any changes to the title prior to settlement are immediately notified to the parties providing safety of unexpected last minute caveats or changes in title details.
Direct electronic lodgements of documents to the Titles Office provides greater assurance and protection for parties that dealings will be registered almost immediately after settlement, avoiding the risk inherent in delays (such as delivery errors, financial issues or hold ups at the Titles Office). Some financiers can take over a month to lodge paper documents after settlement to transfer titles of the property.
Manual conveyancing involves a range of paper documents requiring signatures from both the buyer and seller and reliance on postal delivery and physical meetings to have these documents executed and exchanged. With electronic conveyancing the days of paper documents being lost in the mail or destroyed in transit are a thing of the past.
Electronic conveyancing also removes the need for bank cheques with mandatory three day clearance waits. Over 80 financial institutions, have all signed on to use PEXA for electronic settlements allowing funds to be transferred online and are processed as cleared funds so sellers have immediate access to the purchase money and buyers save money and time as bank cheques are no longer required.
Settlements can be carried out at anytime during the day. With manual settlements, banks will require settlements be done in the afternoon to allow them time to draw bank cheques and calculate payout figures. With electronic conveyancing, settlements can be carried out at anytime during business hours making it much easier for buyers to organise removalists
Using an online platform allows MDL to complete settlements on the same basis throughout Queensland, transactions such as a re-finance where the parties aren’t physically in the same location., or settlements outside of the Brisbane no long require the appointment of an agent to attend settlement on behalf of a client. Being able to complete settlements online removes geographical barriers and ensures completion of settlement is fast, efficient and certain.
MDL’s property law team are always available to assist you through every step of the conveyancing process and continues to be at the forefront of better provision of legal services to our clients.
Article by Andrew Pye
Director | Property & Commercial Law
MDL and WSL
DIRECT +61 7 3002 7428