Progressive Property Law – PEXA
Whilst most of the world have moved on from the days of cheque books, unfortunately (for us) the world of law firms have not. We go through thousands of cheques every year partly because of trust accounting regulation which make it prohibitive to undertake electronic funds transfers from the trust account and partly because of conveyancing procedures. Many people find it absurd, and rightfully so, that most property settlement occur pretty much as they would have 100 years ago. The parties, normally four of, being the lawyer for the buyer, the lawyer for the seller, the bank for the buyer and the bank for the seller all drive their vehicles to a designated meeting point and exchange cheques for pieces of paper. Those pieces of paper are then lodged with the Department of Natural Resources and Mines to register the changes of interest in that property.
Not only is this process costly for the client its also bad for the environment, think of the trees used in the paper and cheques, think of the emissions from the cars having to travel to the settlements. Fortunately over the past year or two the option has arisen, through a company called PEXA, whereby the conveyancing procedure can occur using this incredible new thing called the internet! All parties have to agree to do so but unfortunately many law firms are adverse to new things and demand to do it the old fashioned way. Not us! Here’s one of our Property Lawyers Rachel Clutterbuck and our Conveyancing Manager Gillian Heine with a trophy we received for having completed 50 PEXA online settlements.
For any property law enquires please contact the team at Miller Sockhill Lawyers Maroochydore.