Lawyers and conveyancers are set to benefit from the integration of world first electronic conveyancing platform, Property Exchange Australia (PEXA) thanks to technology giant GlobalX Legal Solutions (GlobalX).
Access to PEXA is now available through GlobalX’s suite of software and services, providing more than 9,000 practitioners with a faster and more efficient way to complete the lodgment of land registry documentation and financial settlements.
GlobalX Chief Executive Officer Peter Maloney said being the first sponsor to integrate with the PEXA platform meant that thousands of practitioners across the country would have direct access to a hybrid model of manual and electronic conveyancing solutions.
“When we signed on as a PEXA sponsor we signed onto an obligation to work collaboratively with PEXA and made a commitment to our customers that we would lead the industry in this change,” Mr Maloney said.
“I wish to congratulate the entire GlobalX team for bringing this transformational change live to the market, and am delighted that we continue to be at the forefront of digital solutions for Australia’s legal community.”
“Just like the ASX changed the share market, PEXA is set to indelibly change the manual property settlement process as we know it; we believe the best way to support practitioners through this transition is to offer them the flexibility to adopt to the new electronic workflow as they see fit.”
Currently processing more than 2,000 transactions per week, PEXA is expected to account for 85 per cent of property transactions by 2019.
“This reform will deliver buyers and sellers long overdue efficiencies that internet banking and other forms of e-commerce delivered to consumers some time ago,” Mr Maloney said.
PEXA Chief Operating Officer Mike Cameron acknowledged GlobalX for integrating the platform.
“This milestone is further evidence of the industry’s appetite for PEXA.The platform modernises conveyancing and reduces the risk of failed settlements and re-work associated with traditional paper-based conveyancing,” he said.
The Australian Institute of Conveyancers’ (AIC) National President Santina Taranto, said the introduction of electronic conveyancing represented a significant opportunity for Australia’s conveyancers and property lawyers.
“By facilitating property settlements online, PEXA-enabled systems will improve the success rate of settlements and will provide conveyancing professionals with greater flexibility and enhanced customer services,” Mrs Taranto said.
One of Australia’s most notable law firms, Gadens welcomed the integration of the PEXA platform into GlobalX’s leading practice management solution Open Practice.
“Gadens in Victoria continues to be at the forefront of legal services. With this in mind, we choose to partner with GlobalX for PEXA to ensure our customers receive the tangible benefits associated with the introduction of electronic conveyancing,” said Kyle Grace – Business Process Analyst for Gadens Victoria.
PEXA is currently live in Victoria, New South Wales, Queensland and Western Australia with the remaining jurisdictions’ release dates being advised by PEXA in due course.