Pace moves to paperless property settlement
The often complex process of property settlement is about to get a whole lot simpler thanks to one developer’s push to move property transactions online.
Pace Development Group (Pace) hopes the innovative move will make same day settlement a reality, helping remove one of the most stressful experiences from the property buying and selling chain.
The first developer to begin exchanging properties online, Pace aims to reduce the number of delays caused by the paper-based process historically in use across the industry.
As a developer with a constantly full slate of projects in progress, Pace sees online settlement as a positive for both developers and buyers alike.
Said Roslynne Brodie, Pace Legal Department Manager and Director of Boutique Conveyancing, “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.”
Roslynne went on to point out the clear benefits of online property exchange. “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,” she said. “Electronic transfer of funds is also a good fit with our plans to reduce our environmental footprint.
Kicking off the transition to online settlement, Pace will settle 28 of their Windsor-based George Windsor apartments via Property Exchange Australia’s (PEXA) digital platform. PEXA see their developer solution as a much-needed technology that will streamline the whole process for large scale development projects.
Said CEO, Marcus Price, “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.”
There are of course other benefits to online transactions, not least of which is the reduction in the amount of unnecessary paper wastage.
Explained Roslynne, “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.”
Like most innovations, progress within an industry only requires one forward-thinking player to take a risk and push for positive change. And with many buyers feeling the strain during the purchase process, anything improvement to reduce that stress can only be a good thing.
We may still be some way before we can purchase just by tapping a property in an app, but Pace’s commitment to improving the process is a step in the right direction.