ACT welcomes electronic property settlements

Blue door - Photo by Vincent Branciforti on Unsplash

The ACT property industry and its homebuyers and sellers will soon benefit from digital property transactions.

ACT joins Victoria, New South Wales, Western Australia, South Australia and Queensland in implementing this world first technology for property settlements. More than 8,800 practitioner firms and more than 150 financial institutions are already registered to use PEXA and are reaping the benefits for their organisations and their customers. With electronic property settlements, homebuyers and sellers have more certainty of settlement from a safer, more efficient system.

Elringtons Lawyers has offices in both the ACT and NSW and is looking forward to the expansion of electronic settlements into the ACT and the removal of dual processing (paper and digital transactions) from its operations.

Shalini Sree, Director and Head of Property and Commercial said, “We’ve been using PEXA for the past two years. It’s enhanced our service and provided much greater benefits to our clients. Our sellers receive funds into their accounts within minutes of settlement and our purchasers’ names are on title almost instantly. ACT adopting e-Conveyancing will streamline everything for us and enables us to provide the benefits of digital settlements to all of our clients. Once e-Conveyancing is fully implemented in the ACT, we will no longer have to train our staff in two processes. The paper process has a lot of unnecessary touchpoints that can result in errors, transacting on PEXA significantly reduces this and brings us one step closer to having a completely paperless office.”

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