Outsourcing in conveyancing: Navigating PEXA and low volume challenges
Outsourcing in conveyancing: navigating PEXA and low volume challenges In recent years, the landscape of the conveyancing industry has changed drastically. When I entered the industry, the normal settlement process would involve settlement clerks from multiple firms hurriedly exchanging funds and documents whilst trying to race across town within a 15-minute window. In a sharp contrast, most settlements today are done exclusively online using the PEXA platform. There is no rushing out the door to get to the next venue, there are no collection runs to the bank and there is no need to segment every aspect of your day into very specific time blocks. The widespread adoption of PEXA and electronic conveyancing has resulted in industry wide improvements in efficiency and steam lined workflows. However, it has also given rise to new challenges that primarily affect lower volume firms. PEXA has also played a part in the role out of new legal requirements pertaining to the use of Electronic Lodgment Network Operators (ELNO’s) as well as a requirement to understand how to operate the relevant software correctly. Firms, including those who specialise in family low or wills and estates, that do not consistently handle property transactions may find value