The Cairns office of national law firm Holding Redlich is pleased to have been the first law firm in Far North Queensland to utilise the high tech PEXA platform for a commercial property transaction this week as digital settlement continues to roll out nationally.
As Australia's online property exchange network, PEXA assists members to lodge documents with Land Registries and complete settlements electronically.
Holding Redlich's Cairns office used PEXA to assist a commercial property client to successfully complete a transaction.
Senior associate James Harding said PEXA represents a major overhaul to the way that real property in Queensland is dealt with, and that there is no longer a need to rely on traditional paper documents, wet signatures and qualified witnesses.
"We are so pleased to be at the forefront of utilising this new digital method of property settlement which allows verified parties to a property transaction to settle immediately," James said.
The PEXA system has been rolled out in other areas of Australia, with Far North Queensland the fastest growing region in Queensland.
Holding Redlich is a registered firm for PEXA which allows it to guide clients through each step of the settlement process. The firm's other offices have been successfully using the platform since its roll out in other regions.
Chief Customer Officer of PEXA Lisa Dowie congratulated Holding Redlich's Cairns office for being at the forefront of using the new technology in the region.
"Congratulations to Holding Redlich on being the first firm in Far North Queensland to complete an electronic settlement for a commercial property," Lisa said.
"It is wonderful to see Holding Redlich pioneering in offering PEXA to its customers ultimately delivering a safer and more efficient settlement process."