A Breakthrough for Settling Sales in Large Scale Property Projects
Posted at Legal Practice Intelligence - 25 November 2016
More integration and reduction in the need to rekey data from other systems
Pace Development Group (PaceDG) designs, constructs and sells apartments in Melbourne’s inner urban hot spots. According to PEXA, PaceDG is the first developer to settle properties online.
Boutique Conveyancing Pty Ltd – PaceDG’s in-house settlement arm – is spearheading the push to settle property online. Roslynne Brodie, PaceDG’s Legal Department Manager and Director of Boutique Conveyancing confirmed that 28 of the PaceDG’s Windsor-based George Windsor apartments settled on Property Exchange Australia’s (PEXA’s) digital platform.
“At any one time we have about 800 apartments in the planning, building and settlement pipeline. Delayed settlements are very stressful and have costly repercussions for home-buyers waiting to move into their new homes. By settling online in a transparent manner, we hope to be able to eradicate this issue in the future,” she said.
“With high demand for new homes it’s time, as an industry, that we let go of our former reliance on printing and filing vast amounts of paper documents and manually keying data for projects comprising several hundred apartments. Electronic transfer of funds is also a good fit with our plans to reduce our environmental footprint.
“The current way of meeting at settlement rooms in the CBD at 2pm is a disaster and antiquated. Property settlements fall over for the simplest of reasons caused by manual errors. I’ve seen a case where an elderly couple couldn’t move into their home because the transaction pulled up $100 short. Parting with a lifetime of savings is stressful enough. Some never get over the experience.
“Going online means that we obtain a project wide view and status snapshot of the participation of all parties to the transaction. Plus we’re no longer plugging away for hours with the tedious and time-consuming task of manually entering data. By signing multiple deals electronically we dramatically reduce substantial data re-entry.”
PEXA CEO Marcus Price said the PEXA Developer solution will be a breakthrough technology for large scale property projects.
“Online property exchange is streamlined and efficient and the new standard for the fast-paced property development industry. Banks, lawyers and conveyancers acting for developers can promptly exchange properties online with funds securely settling through the Reserve Bank of Australia,” he said.
“PaceDG is showcasing for the wider developer industry a streamlined way of completing property transactions online.
“Clever technology mimicking robotics creates a bridge between PEXA’s systems and the data that legal representatives acting for developers will need to upload for settlement. Importantly, there’s no need to modify their systems. This reduces the need to rekey data into PEXA saving time and minimising errors.”
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