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By Law Institute Journal

Communication Conveyancing Real Property Technology 

Benefits of e-conveyancing to the consumer It is natural that any change will have its challenges, and the digitisation of property is a significant piece of industry transformation. It requires all users to work collaboratively, in good faith, to achieve a mutually beneficial outcome. 21st century consumer expectations are set based on their experiences, from the way they conduct their banking (increasingly online) through to how they stream TV shows and shop. Property is no different and the reality is this: In a digital world, most Victorians should expect to have access to the proceeds of sale in near real time – and often within minutes of settlement. The same cannot be said of paper. In a digital world, the purchaser expects to be registered on title at settlement, not weeks later as is the case in paper. In a digital world, the cost to all consumers should come down. A 2015 PwC report anticipates the benefit to consumers should sit in the vicinity of $88 million per annum owing to the efficiency gains. To date, more than 1.5 million transactions have been completed on PEXA by one of the 7000 legal and conveyancing firms that have come together to deliver consumers a 21st century property settlement experience. With these benefits best realised in a fully digital environment, the Victorian Registrar of Titles came together with industry stakeholders including the LIV, to agree on a roadmap for transition to e-conveyancing that was endorsed by all parties. It is easy to find reasons to resist change but there is no substitute for the orderly transition to a property settlement platform that can meet the expectations of today’s consumer. While this may lead to claims that e-commerce initiatives are more prone to fraud, it’s fact that PEXA is safer than paper. It’s an inconvenient truth that frauds in paper occur. The NSW government has paid out more than $7 million for paper fraud since the introduction of PEXA in that state – and not a cent in electronic settlements. Furthermore, PEXA has introduced more stringent next generation security measures as well as its residential seller guarantee which ensures consumers aren’t financially impacted in certain instances of electronic fraud. This goes above and beyond anything offered in the paper channel. We are committed to continually improving and enhancing our offering in line with your feedback. This is your network and PEXA is committed to working with industry in its ongoing evolution. Collectively, we have a social contract to improve the home buying and selling process for all consumers. We’re committed to realising that. Marcus Price, PEXA CEO

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