Whether you’re buying or selling a property, the conveyancing part of the process often causes delays, with one in five settlements experiencing some form of hold-up, according to one e-conveyancing platform.
E-conveyancing marketplace Titlexchange has launched a platform that digitally automates parts of the conveyancing transaction while also facilitating the completion of the process by matching buyers and sellers with a local conveyancer.
Managing director of Titlexchange Gerard Healy said that the lack of standardisation and automation in the conveyancing process is a problem.
“We want to automate and streamline the process for the various stakeholders,” Mr Healy said.
“There is a lot of unnecessary overlap of work, with conveyancers duplicating tasks already completed by mortgage brokers and real estate agents. This includes collecting consumer and property data and performing identify verification checks.”
He said that the new Titlexchange platform addresses these “pain points” by integrating with a variety of technology platforms and digitising what is currently a manual process.
Titlexchange sets the conveyancing fee and offers a range of fixed-cost packages.
Mr Healy said that the introduction of the platform is timely.
He noted that Australia’s property industry is approaching “arguably its biggest change” since the introduction of the Torrens title system in 1858.
“As the July 2019 deadline looms for all properties to be settled digitally on PEXA,” Mr Healy said, “conveyancers and other stakeholders to the property transaction are increasingly looking at ways they can digitise the rest of the conveyancing transaction."