Lawlab completes first ever practitioner to practitioner settlement on Sympli

Electronic settlements for property conveyancing

Electronic settlements for property conveyancing first occurred in 2014 and now nearly all property transactions are settled electronically in mandated states (New South Wales, Victoria, Queensland, Western Australia, South Australia and the Australian Capital Territory).

The adoption of electronic settlements not only expedites access to sale proceeds but also offers, in conjunction with our Rundl platform, nearly real-time tracking capabilities for property settlements, enhancing overall transaction efficiency.

The downside is that State and Territory Governments mandated a private monopoly for the electronic lodgment network operator PEXA, but fortunately that’s changing.

A new operator called Sympli has entered the electronic settlements industry and is changing the landscape of competition.
 
Lawlab participates in Sympli’s first-ever 'practitioner to practitioner' transfer

In a historic moment for the Australian legal landscape, Lawlab recently celebrated the successful completion of the first-ever 'practitioner to practitioner' transfer on the Sympli network. Notably, this transaction marked the pioneering use of a network for this type of transfer other than PEXA.

This achievement stands as a significant milestone in Sympli's strategic roadmap, underlining its commitment to elevating market activities and providing a platform that prioritises choice, certainty, and efficiency for both industry professionals and consumers.

Sympli expressed its gratitude to Lawlab for their invaluable support and dedication, essential in ensuring the success of this groundbreaking transaction.

Philip Joyce, Sympli's Chief Executive Officer, commented on the achievement, stating, “I would like to thank our trusted partners, Smartlaw and Lawlab, and the major banks as we develop a network that will deliver choice, innovation and efficiency to industry and consumers.”

Richard Bootle, Director at Lawlab, shared his thoughts on this significant achievement, “we are really excited to be part of this milestone for the conveyancing industry. We have been without competition in the settlement arena since PEXA convinced various State governments to mandate their service. Prior to that it was a very competitive industry with thousands of providers. Today is a glimmer of light for our industry and our clients with service and price competition becoming a reality again. We want to thank Sympli for the courage to fund and build an alternative Electronic Lodgement Network Operators (‘ELNO’).”

It is important to highlight that after ‘interoperability’ is legislated, PEXA will have to share information with Sympli (and any other ELNO) to enable seamless transactions between their systems. This will give every user, be it a lawyer, conveyancer, or financial institution, the freedom to select their electronic settlement provider without being constrained by the choice made by another party involved in the transaction.

The arrival of Sympli heralds an exciting shift in the electronic settlement industry. Competition in the ELNO space will drive down costs for our clients, increase usability for lawyers and banks and allow flexible choice to all in the property industry. Lawlab, who pioneered the first digital contracts, and gave all participants secure electronic access and visibility to the sale/purchase process via our Rundl* software, is thrilled to partner with Sympli as a leader in this next step in our industry’s evolution.
 
Have any questions?

If you have any questions or would like further information please contact lawlab on 1800 529 522 or by email conveyancing@lawlab.com.au.
Lawlab works with thousands of property buyers and sellers every year and uses this experience to make the conveyancing process easier for you.

Adrian Palazzolo

Legal Advisor

Adrian, a legal advisor at Lawlab, obtained his law degree in Melbourne. His expertise lies in property law and conveyancing, and he continually strives to expand his knowledge in these areas of professional interest. During his leisure hours, he relishes quality time with his close-knit circle of friends and family.