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Property transactions go digital

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Written by Brendan Simpkins


Fentons Conveyancing has made digital history by completing its first online property transaction.

 

E-Conveyancing has been developed around an online network supported by Property Exchange Australia, reducing the need for manual paperwork and instead completing transactions electronically.

 

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Having gone live in five states around the country, Fentons has been one of the first conveyancing companies in Adelaide to make the change.

 

Conveyancer and owner Ben McDonald from the Christies Beach-based business said the new hi-tech way of completing property settlements means an end to relic cheques and handing over documents.

 

“It’s time for our industry to go digital,” he said. “Property Settlements need to catch up with other online services including internet banking and share trading.”

 

“My family has been involved in over 35,000 transactions for our clients over the last 43 years. This is the future of conveyancing and what clients expect in 2016.”

 

Mr. McDonald said the new process has made business run smoother as the risk of errors and delays have been significantly reduced.

 

“We’re impressed with the new online platform that PEXA has built so that properties can be settled smoothly online.”

 

“During our first transaction, we could closely monitor each stage of settlement for the buyer and seller.

 

“Funds and the land title were quickly exchanged. The chance of delays seem to be reduced which often happen when manually completing settlements.”

 

Mr. McDonald said he is pleased to see the property industry move towards a digital platform, and predicted that e-Conveyancing would gather steam within the next two years.

 

“My grandfather started our business and wanted to see property settlement go online over 20 years ago. Share trading went digital 30 years ago and finally the property industry has caught up,” he said.

 

“We expect Electronic property settlements to really take off in the next 12 – 24 months and as the third generation I am pleased I can lead Fentons Conveyancing during this exciting time.”


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