Velocity Conveyancing Group, a Canberra-based residential conveyancing firm, has completed the first electronic property transfer in the Australian Capital Territory.
Velocity Conveyancing Group completed the transfer of an Inner South home in seconds after partnering with Property Exchange Australia’s PEXA technology, a digital property settlement solution.
PEXA is already active in NSW, Victoria, Western Australia, Queensland, and South Australia, according to Peter Romano, practice director of Velocity Conveyancing Group.
The platform can be used by all parties involved, including sellers, buyers, and mortgage lenders, to register property documentation and pay settlement payments to the ACT Land Titles Office at the same time.
The recent accomplishment, according to fellow practice director Andrew Satsias, is “a win for all.”
He said it was an honor to be a part of Canberra’s first digital property transfer. “Everything went smoothly and quickly.” The efficiency gained using the digital platform will benefit not only practitioners, but also customers and the environment. The new digital method eliminates the need for settlement checks to clear in clients’ accounts or for paperwork to be registered at the Land Titles Office to take long periods of time.”
Velocity Conveyancing Group, founded in 1968, has a presence in both Victoria and New South Wales, as well as in the Canberra region.
