With the July 1, 2019, deadline looming for all properties to be settled digitally on PEXA in NSW, conveyancers and other stakeholders in property transactions are looking for ways to digitise the conveyancing process.
Titlexchange, an e-conveyancing platform that automates conveyancing and features Australia’s first online marketplace of conveyancers, wants to fill the gap. With buyers and sellers of property frequently describing the conveyancing process as being both bewildering and stressful, Titlexchange wants to eliminate these pain points.
“The lack of standardisation and automation in the conveyancing process is a real problem,” said Gerard Healy, co-founder and managing director of Titlexchange. “We want to automate and streamline the process for consumers, conveyancers and the various stakeholders to the transaction, whilst adding a layer of confidence and transparency to the process that doesn’t exist today.”
Titlexchange automates parts of the conveyancing transaction, and facilitates completion of the rest of the process by matching property buyers and sellers with a local conveyancer. The platform also allows stakeholders to check on the progress of the transaction and communicate directly with their conveyancer.
The current settlement process for the transaction of property is highly complex, and relies heavily on paper records and parties being physically present at the transactions. They can also be very expensive.
“When it comes to fees, we’re seeing some conveyancers charging up to $2,000 for a simple conveyancing transaction; we’ve even seen them charging relative to the purchase price of the property,” Healy said.
“Similarly, there’s a lot of unnecessary overlap of work that consumes time, with conveyancers duplicating tasks and data collection already completed by mortgage brokers and real estate agents earlier in the property transaction process. This includes collecting consumer and property data, and performing identify verification checks.
“Titlexchange addresses all of these pain points. We do this by integrating with a variety of technology platforms and stakeholders in the broader property ecosystem and digitising what is now a manual process and paperwork heavy. Our marketplace technology then connects property buyers and sellers with conveyancers who meet our strict accreditation and ratings criteria.”
The e-conveyancing platform requires no physical human interaction. “Consumers can initiate the process themselves, and connect with a local conveyancer digitally. They also get the benefit of highly competitive and completely transparent fixed fees, with the ability to add additional services only as needed. There are no hidden surprises and they have complete control and certainty over pricing.”
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