It was a typical Friday for many on 18 March 2016, but for the buying and selling of property it marked the start of electronic property settlements in Newcastle.

Fox Stevens Conveyancing and Conveyancing Exchange say they were the first two Newcastle-based firms to put the new process into action and both Leah Stevens (Fox Stevens Conveyancing) and Helen Polemis (Conveyancing Exchange) are looking forward to further integration of this service into their business.

The traditional method involves individuals driving to a mutual location, swapping paperwork and cheques and then going their separate ways to administer payments and relevant correspondence.

Creating a new level of efficiency for the conveyancing industry, electronic settlements save a significant amount of time and help to minimise delays and errors, with electronic funds transfers replacing cheques, real time, online tracking of each transaction from the conveyancers office and electronic lodgement of property transfers with the Land & Property Information department.

A new addition to the process is the SettleMe App from PEXA (Property Exchange Australia).

This free mobile tool allows the buyers and sellers to track their lead up and settlement on the day, helping creating a little piece of mind for the clients that like to stay in the know.

The push to take property transactions online is a Council of Australian Governments’ (COAG) reform to bring property exchange into the digital economy.

Taking property transactions online is critical for the national economy as the $6.5 trillion Australian residential property market is the country’s single largest asset class.

Image | Helen Polemis and Leah Stevens