Part of its Queensland wide roadshow, and attended by 40 Gold Coast legal practice team members, including lawyers and paralegals, the forum highlighted the client benefits and practice efficiencies that come with PEXA electronic settlements.
The presentation included discussion around the supportive and collaborative approach taken by the 155 financial institutions using the platform, along with industry bodies such as the Queensland Law Society, the Property Council of Australia, the Office of State Revenue and the Department of Natural Resources, Mines and Energy.
It paralleled the level of participation, due diligence and process change required from all institutional parties in building an integrated and secure electronic settlement platform with the user friendly process now available for the practitioner. It emphasised the electronic process being proper and following the legal protocols and requirements like the current paper pocess minus the paper.
It was apparent that practices utilising PEXA see it as providing increased certainty around meeting settlement obligations within Queensland’s prescriptive timeframes, whilst increasing efficiency with the removal of the logistics surrounding physical attendance at settlement. Further examples of efficiency raised were the removal of physical banking, stamping and lodgement of documents with all processes being undertaken for the PEXA platform in near real time.
With electronic transfers now mandated to be compulsory in NSW, Vic and WA, Australia is one of the global leaders in electronic transfer processes. Hickey Lawyers is pleased to be able to offer this service to our clients.
Joe concluded “Our own PEXA experience has been supportive, encouraging and relatively straightforward. We encourage other Queensland practitioners to join the platform now and ahead of any future mandate we could see introduced in Queensland.”