The platform digitally automates parts of the conveyancing transaction, and it facilitates completion of the rest of the process by matching property buyers and sellers with a local conveyancer. It also enables stakeholders to the transaction to check the progress of the transaction and communicate directly with their conveyancer.
Partnerships with broker platforms including HashChing and eChoice means more than a thousand mortgage brokers are already active on Titlexchange.
Gerard Healy, managing director of Titlexchange, says the lack of automation and national standards in the conveyancing process is a problem.
“There is a huge price variation in the market across the states. We have one pricing system nationally for consistency. Consumers also face a similar problem, there is no brand for them to turn to.
“There are 900,000 conveyancing transactions in the country every year. There are 12,000 conveyancers in the country and so given the average business size, they get about 73 new clients per year. Automating some processes for them gives more work to conveyancers which is always a good thing, given many of them are small businesses or solo practitioners.”
“We are not here to make conveyancers redundant. It’s quite the opposite.”
“We want to automate and streamline the process for consumers, conveyancers and the various stakeholders to the transaction, whilst adding a layer of confidence and transparency to the process that doesn’t exist today.
“Everyone wins: consumers, conveyancers and the various stakeholders to the transaction.”
Titlexchange sets the conveyancing fee and has a range of fixed cost packages available, starting from $545 for a simple title transfer. There are also a variety of add-ons that can be seamlessly tacked onto the packages, including a contract of sale review and building contract review.
Mr Healy says the company has a number of initiatives in the pipeline.
“One cool feature is using artificial intelligence around when you buy a house and need to sign a contract of sale.
“You’ll be amazing how many people sign a contract without a conveyancer reviewing it. We are looking to automate that through AI. For example, if people are going to 10 auctions and they win on 10th one, you don’t want to be paying thousands of dollars every time to review contract.”
Titlexchange’s product is timely as the July 2019 deadline looms to all properties to be settled digitally on PEXA.
Titlexchange is also currently looking to raise capital in a private capital raise, and will be using the funds to build a national brand and continue developing its technology to further automate the conveyancing process.
