Electronic settlement will be crucial to conveyances during the Coronavirus crisis. Is your lawyer prepared?

By Craig Hong, Director at Hillhouse Legal Partners
| 1 min. read

Key takeaways

  • The use of the PEXA electronic platform will play a crucial role in conveyances as the physical handover of cheques and documents will become very difficult or indeed be no longer possible in the COVID-19 Government directed social distancing and limited group number environment.
  • Electronic settlement is not mandated in Queensland and the majority of settlements still occur with physical handovers.
  • Hillhouse Legal Partners is a member of PEXA and its staff are fully trained in PEXA, but a check of current transactions evidenced that about 65% of transactions cannot immediately proceed on the PEXA platform because the lawyer acting for the other party is not registered with PEXA.

As the COVID-19 pandemic continues to impact the way we do business, the use of electronic platforms is playing an increasingly important role in keeping our economy on track.

Nowhere will this be more evident in the weeks and months ahead than in the world of property settlements, where the physical handover of cheques and documents will soon become very difficult or indeed no longer possible in the COVID-19 Government directed social distancing and limited group number environment.

Electronic settlement is not mandated in Queensland and the majority of settlements still occur with physical handovers but at Hillhouse Legal Partners our property team are fully trained in PEXA, the state’s primary electronic settlement platform.

However, a check of current transactions evidenced that about 65% of transactions cannot immediately proceed on the PEXA platform because the lawyer acting for the other party is not registered with PEXA.

Without doubt, PEXA is going to be hugely important in keeping transactions flowing in the coming weeks and months.  

PEXA is designed to enable you to complete conveyances securely, electronically and in real-time.

If you are a lawyer, lender, seller or buyer and are not PEXA enabled, Hillhouse Legal Partners is here to help.

Contact us 07 3220 1144 or at [email protected].

The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute legal advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek legal or other professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.