Conveyancing technology experts GlobalX has today announced the launch of GlobalX Legal – a new service providing outsourced PEXA-related and trust account services to lawyers and conveyancers.
GlobalX Legal was formed in response to industry demand for assistance with PEXA-related matters including; electronic settlements, electronic lodgments, Duties Online and trust account services.
A recent GlobalX survey of 248 conveyancing professionals, found that 57 per cent of practitioners had never transacted with PEXA.
55 per cent of respondents also indicated that having access to a Trust Account would be useful to alleviate the pressure of managing their own trust accounts – especially when electronic conveyancing does not form part of their core business.
GlobalX CEO Peter Maloney said GlobalX Legal offered significant efficiencies to legal and conveyancing professionals who did not focus on conveyancing or did not want to directly sign up to PEXA.
“GlobalX Legal is all about supporting the growing needs of legal and conveyancing professionals. We do not, and will not, offer any conveyancing services to the property buyer or seller in the transaction,” Mr Maloney said.
“With electronic conveyancing becoming mandatory in Victoria, New South Wales and Western Australia we understand that not all practitioners may want to learn the specific ins and outs of PEXA.
“30 per cent of legal practitioners have said they do not operate their own Trust Accounts so we are proud to be offering innovative business solutions that solve real world problems. “We are constantly working on new complimentary products and services to help meet the changing needs of our clients. “We truly believe GlobalX Legal will be a valuable and trusted service for legal practitioners needing assistance in this area.”
Mr Maloney said GlobalX Legal will allow law firms and conveyancers be more efficient and agile in the hybrid world of manual and electronic conveyancing.
“At GlobalX we’re committed to supporting Australian lawyers and conveyancers with the latest technology and support services, now and in the future,” he said.
Shane Jacob President of peak industry body the Australian Institute of Conveyancers said that the property industry is evolving and that GlobalX Legal is meeting the emerging need for outsourced electronic lodgement and settlement.
“GlobalX Legal support the conveyancing profession and acknowledge that a conveyancing transaction requires certain expertise, and the service that GlobalX Legal provides is a step in the process,” Mr Jacob said.
“It does not offer end-to-end consumer conveyancing services, which is why we have shown our support for this initiative,” he said.
GlobalX Legal will be led by Legal Director Luciana Ignatiadis and Director Peter Sedunary who have 30 years’ experience in the legal and conveyancing industry.
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