Western Australian property lawyers and conveyancing professionals will soon have access to online conveyancing for the first time with the launch of Property Exchange Australia’s $100 million platform PEXA, according to a new statement from GlobalX Legal Solutions.
As the first national, online conveyancing platform, PEXA will make property transactions faster, safer and more efficient for all parties involved – including home buyers.
PEXA has facilitated more than 24,000 transactions on property worth $1.5 billion since it went live in New South Wales and Victoria in November and the platform is expected to support 85 per cent of property transactions by 2019.
GlobalX Legal Solutions is Australia’s largest property settlement agent to lawyers and conveyancers, and one of four organisations making PEXA available to the industry. The company’s Chief Executive Officer Peter Maloney said PEXA would revolutionise Australia’s property industry.
“Electronic conveyancing ultimately means the risk of the property settlement not taking place at the agreed place and time is virtually eliminated for home buyers and sellers, their representatives and financiers,” Mr Maloney said.
PEXA Chief Executive Officer Marcus Price said consumers, settlement agents and lawyers were demanding more efficient property settlements and PEXA would provide this.
“That’s the bottom line. Australians buying and selling homes will increasingly become aware that there’s a better way to transact,” Mr Price said.
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