For Real Estate Agents and Lawyers, a revolution is taking place – well at least in the area of settlements for real property. Electronic settlements are being introduced across Australia and Queensland will be part of the process, probably by the end of this year.
Like most things new, there is always reluctance from those who don’t embrace change. At Gayler Legal we embrace progress which makes processes and practices more efficient, more effective and gives cost savings. We know that simply putting one’s head in the sand won’t make progress or more importantly electronic settlements go away.
The Kiwis have electronic settlements, the southern states have them and, as sure as night follows day, electronic settlements will be compulsory in Queensland before we know it.
So, if you’re like us here at Gayler Legal and keeping up with modern trends is your thing, then it’s time to get on board. We know that with anything new there will be the occasional fumble, the occasional hiccup and the odd bit of angst, but we see the benefits in electronic settlements.
For Sellers and Buyers of real property, there is no more transferring funds backwards and forwards, no longer is your Lawyer required to attend a settlement venue and if the settlement is out of town, then settlement agents will be a thing of the past. More efficiency, less cost and a seamless settlement.
If you’re a seller, then seconds after the electronic settlement has taken place, your money [in clear funds] is in your bank account. No more waiting for cheques to be banked or for cheques to clear.
For agents it’s all about making sure settlements occur on time and with as little fuss as possible.
Agents won’t have to wait for the friendly lawyer to drop down a commission cheque, it’s in the bank account seconds after the settlement has taken place. Funds are clear and can be drawn on immediately.
In addition, for the Buyer, it can mean that the property is registered in their name before the day is over. No more waiting for the registration process to grind along and then finally registration occurs. It’s all but instantaneous.
Until the process of electronic settlements becomes mandatory, then EVERYONE has to take part, it means that – both buyer and seller, their Lawyers and their banks need to join in.
At the moment we are finding that not all lawyers want to take part – whether they are anxious about the process, they can’t be bothered or they are just plain indifferent to the change, the one thing that is certain – IS THAT THE PROCESS IS COMING SO WE NEED TO EMBRACE IT NOW.
At Gayler Legal we use PEXA (the electronic settlements platform) for as many settlements as we can. Why is that? Because we want to make sure that we are ready to go when the process becomes mandatory and besides it saves clients costs – that’s enough of an incentive for us.