“In a recent article which appeared in the Australian Financial Review the chief of electronic property settlement business, Property Exchange Australia (PEXA), Marcus Price, said the business is on track for a $1 billion float or trade sale in 2016. By 2019 he predicts 85 per cent of property settlements will be done through its online portal. “I think it will be the default system by 2018 to 2019,” he said.

Second-tier banks are now beginning to use PEXA and it has about 1000 solicitors and conveyancers registered. He said the biggest barrier is simple “inertia” in the back offices of banks and at solicitors and conveyancers offices or resistance to changing manual and paper-based processes that have existed for hundreds of years.”

At Cornerstone Conveyancing we are on track to start settling your conveyancing matter electronically through the PEXA portal. Please call our office on (02) 6699 3522 for further information to ensure your matter moves smoothly to settlement.