on 21-07-2016 08:47 PM
When will the cost of conveyancing decrease?. When PEXA was in it's inception over 10 years ago, the Government stated that this would reduce the cost of conveyancing for the customer. Is this likely to happen, or will it be just be another broken promise?. This is especially relevant now that the Banks own 49% of PEXA.
on 24-07-2016 12:37 PM
Great question and one that is often asked.
As the industry shifts to electronic conveyancing we will see changes to conveyancing costs. A PEXA settlement will eliminate some costs such as cheques, postage, attending settlement and any potential re-work.
For consumers some of the benefits are greater certainty of settlement, increased transparency and a reduced risk of errors and delays. You can review the Buyers & Sellers page to explore this in more detail.
The industry is evolving to a 100% digital future and is looking to improve the overall process. It’s a major change and we are yet to see the full benefits.
I’d love to hear from our other members on this topic. What has your experience been like? What has been valuable to your clients?
on 27-07-2016 01:31 PM
My view would be, the essentially the cost of conveyancing (like other industries) is a competitve market which will respond to market costs. If 'ABC Conveyancing' can offer a superior service at a reduced rate then they can establish a dominant market presence. PEXA is a private company who sets its own fee structure. How the industry passes this on or absorbs costs is a business to business decision. I'm not sure that the Government has the control over the cost of conveyancing.