Queensland Law Society

Queensland-first all online property transaction

Date 18 Dec 2015
Contact Gabrielle Kopke
Phone 07 3842 5903
Mobile 0488 433 884
Email g.kopke@qls.com.au

Today, Queensland Law Society welcomed the first electronic property transaction in Queensland.

Queensland Law Society president, Michael Fitzgerald, applauds this significant technology change to the property market.

“We are delighted that Queensland law firm bytherules conveyancing made the first ever online settlement of a property in Queensland, on a house in the Noosa area," he said.

“E-Conveyancing is a revolutionary way of buying and selling property which will remove the manual processes and paperwork associated with land transactions. It enables land registries, financial institutions and legal practitioners to achieve contemporaneous settlement in real time.

“We will see more electronic sales in the future as technology begins to overtake traditional processes.”

All parties use a system called PEXA, which is a national E-Conveyancing system facilitating the transfer of funds between trust accounts and banks, and allowing the exchange of property to be conducted in one electronic platform.

Maggie Keene, Client Services Director of bytherules conveyancing said the firm is very proud to be the first law firm to settle an electronic property sale in Queensland.

“PEXA marries with our firms’ style of business – using technology to allow us to spend more one-on-one time with our clients. It allows us to enhance our services,” she said.

E-Conveyancing is still in the early stages, and the future will see the whole process completely online with buyers able to pay the purchase price electronically in exchange for the electronic lodgement of all transfer documents in a secure workspace.

“It is truly an exciting time we live in, where technology is advancing and more and more information is available at our fingertips,” Mr Fitzgerald said.
For further information, please contact Gabrielle Kopke on 07 3842 5903, mobile 0488 433 884 or via email, g.kopke@qls.com.au