Well we have just passed the one year mark of the introduction of PEXA and e-conveyancing in South Australia. There have certainly been some mixed reactions in the local conveyancing industry with the uptake being extremely good for this first year. South Australia has been the most enthusiastic region with the best uptake out of all the states in Australia.
Embracing the Challenge
The many conveyancers that have embraced the challenge have done so with much enthusiasm and excitement and are truly leaders within our industry. We know that change is good so what about the practitioners who haven’t come on board. What does the future hold for them?
It is presently not possible to do some transactions electronically because some documents, such as Applications to Register Death and Encumbrances are not able to be lodged online. Fortunately this will change later this year opening up a wide range of eligible transactions in the PEXA system. Most financial institutions are on board with the last few being close to it.
But what about all those easy transactions that could be done on PEXA? We have been frustrated with the excuses and comments from our peers as to why “We don’t do PEXA”. The fear of the unknown may be part of this, but also a reluctance to “explain” the reality of e-conveyancing to their clients holds them back. Unfortunately these practitioners will be left behind when the system becomes compulsory and they have no procedures and systems in place.
It won’t be long before the banks dictate that the transaction must be done electronically. After all the banks have invested a lot of money into this new aspect of the industry and they will want the see the benefits.
Saving Time and Better Productivity
We have found the new way of settling online to be a very straightforward process. Using PEXA has saved time and increased our productivity with many items on our checklists being done directly in the PEXA workspace. We no longer have to email signed transfers and cheque directions thus reducing the possibility of errors. Not to mention the minimum two hour round trip a settlement at the Lands Titles Office can take.
We at McKay Business Services inform our clients very early in the transaction of the possibility of settling in PEXA and we have never been questioned paying a fee for this service.
Just recently Denise sat down with Anna from PEXA and gave her take on how it impacted our business.
You can view the video here:
TAKE THE LEAP
It is time for those conveyancers who have not committed to this industry change to think seriously about what they will miss out on in the future. There is no better time than NOW to get on board before it becomes mandatory. Take the time to call the friendly team at PEXA so they can assist you with becoming one of South Australia’s leading conveyancers in the new online world.