Equilaw: Trail Blazers in Online Property Exchange

PROPERTY Exchange Australia (PEXA) recently recognised Equilaw Solicitors as leading the Upper Hunter in online property transactions, saving local property owners time and money.

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Michael O’Brien, principal of Equilaw Solicitors said they were the first law firm in Scone and Muswellbrook to lodge transactions online and they were thrilled to be recognised by PEXA.

“We did our first online transaction in February 2017 and since then we have done more than 600 property transfers electronically,” said Mr O’Brien.

“This new process is much quicker, easier and has far less angst and frustration than exchanges in paper, where the cheque might be made out incorrectly and then the whole settlement has to be aborted, everyone goes away and has to come back again and quite often that means a mortgagee is still paying money on their old mortgage for longer,” he said.

“People don’t regularly use cheques anymore, so money can now be transferred into the solicitor’s trust and then all parties can complete the transactions online,” he said.

“It also helps that there is no necessity of having replacement of title deeds, or if they are lost, so that makes a lot of difference improving timeframes as well,” he said.

“And when something needs to be changed it can be changed within the day, not days as it was with paper.

“Another advantage is that people don’t need to appoint agents to settle matters say in Sydney or Newcastle, where they used to have to pay an agent $80 to go and attend a settlement – that business is gone now because it is done electronically,” he said.

“The normal conveyancing period of four to six weeks still happens, but the settlement process is much easier because you are doing away with the necessity of so much paperwork,” he said.

“Our experience has been that clients can exchange and settle quicker by two to three weeks, which matters when you are paying a mortgage,” Michael O’Brien said.

In being recognised for their trail blazing work in the Upper Hunter, Mr O’Brien said it came down to a team effort.

“It is a fitting recognition for the work that is undertaken by my staff and in particular Renee Allen of our firm,” said Mr O’Brien.

“At the forefront of our work ethic is the delivery of a professional and efficient service to clients,” Michael O’Brien said.

From July 1 all eligible transfers of property will be required to be completed electronically in order to be registered at NSW Land Registry Services.