Colin Biggers & Paisley, together with JAM Property Group and JAM Constructions, recently effected the exchange and settlement of the Auriance Gardens development in Sunnybank Brisbane using digital contracts and PEXA.
The project is one of the first residential projects in Queensland that has used digital technology to exchange and settle property. Developed by Colin Biggers & Paisley, CBP Exchange is an online property exchange platform that has been designed specifically for property developers and off the plan sales and is fully integrated with PEXA, which facilitates digital settlement. It not only simplifies the exchange process, but it’s also cost effective and completely contactless - a buyer can bid or purchase a property from the comfort of their home anywhere in Australia or in the world.
Jim Costello, Director at JAM Property Group and JAM Constructions said the technology is the logical way forward for the property industry,
"CBP Exchange, together with the technology from PEXA, has created a seamless, quick and cost efficient way of completing sales and settlements for large scale residential projects."
In addition, the technology is far more secure than paper contracts, especially on large scale projects. A purchaser cannot alter the e-contract after it has been issued by the vendor and there's real time reporting during the contract process.
"A purchaser can sign a contract in Brisbane, a co-purchaser can sign in Singapore, and when the developer signatory signs the contract, a fully signed copy of the document (confirming that the contract is now binding) is emailed to all parties just minutes after the first purchaser signed," said Rhett Oliver, Partner and Head of the Property and Development practice at Colin Biggers & Paisley.
"The results speak for themselves - there's better quality control, tighter security, faster turnaround times and far less cost for developers. In a time where residential markets are softer, people are looking at their overheads and costs, developers in particular. There's also the added benefit of the digital system during the COVID-19 pandemic."
For more information please contact Linda Branton on 02 8281 4594 or firstname.lastname@example.org.
About Colin Biggers & Paisley
Colin Biggers & Paisley was founded over a century ago. Today we are a legal practice with 69 partners and 480 employees. We are highly regarded for our expertise in construction, insurance, property, government, commercial litigation and dispute resolution, banking and finance, corporate and commercial, employment and safety, planning and environment, restructuring and insolvency, transport and logistics. We act for major corporations, financial institutions, insurance companies, government departments and individuals. We have both the capacity and the expertise to deliver on complex national and multinational projects.
Colin Biggers & Paisley is based in Brisbane, Melbourne and Sydney. Through our growing Middle East Practice and our affiliation with ADVOC Asia, ADVOC International, ADVOC Europe and ADVOC Latin America, we are able to offer access to quality legal advice around the globe.
We launched the Colin Biggers & Paisley Foundation in 2015, with a core focus on promoting and protecting the rights of women and children in Australia and abroad through an innovative mix of pro bono legal services, volunteering and charitable contributions.
This is commentary published by Colin Biggers & Paisley for general information purposes only. This should not be relied on as specific advice. You should seek your own legal and other advice for any question, or for any specific situation or proposal, before making any final decision. The content also is subject to change. A person listed may not be admitted as a lawyer in all States and Territories. © Colin Biggers & Paisley, Australia 2020.