By Nikki De Guzman:
A new technology called Property Exchange Australia that promises to speed up real estate transactions was launched at the recent Australian Institute of Conveyancers (AIC) conference in Hobart, Tasmania.
"Instead of what we do now, where we physically go along to a settlement and hand over a bank cheque in exchange for a paper title, that will all be done electronically," said AIC President Helen Kent (pictured).
The technology simplifies the process of selling and buying property when using a conveyancing service, which is the transfer of a property’s legal title from one person to another.
"We’ll look over all the documents and feed the information into a system and it will be checked with various authorities. Then we just press a button to say it is settled and tell the client they can go and get the keys to their new house," said Kent.
"For home buyers, it will mean more of a seamless transaction because what we’re doing is taking some of the doubt out of it, such as banks missing paperwork or for an interstate client, paperwork not turning up in Hobart for a settlement."
Property Exchange Australia will go live later in the year.
Nikki De Guzman, Junior Reporter at PropertyGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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