247Legal officially kicked off with a recent Industry Evening Launch. Since inception the online digital conveyancing system has successfully processed over 500 Victorian properties servicing vendor clients & estate agents, prospects & buyers, with clients & buyers from around the world. The past two years has seen the system tested, upgraded, constantly improved and automated.
The next phase for the company will focus on introducing legal firms and conveyancing companies to the benefits of online digital vendor disclosure without disrupting or replacement of their existing internal systems. The 247 system is designed to be an extension of desktop products such as LawPerfect which is popular amongst law firms and IceRidge which is used by the majority of conveyancing companies. The last point is very important as conveyancers and law clerks alike generally dislike wholesale change.
Attendees heard from Simon Libbis of NECS who spoke about the integral part companies like 247Legal will play in the "chain matrix" of electronic conveyancing and will be a driving catalyst for the early adoption of electronic settlements under the Victorian EC model and the National NECS model.
Michael Jellis of Hayton Kosky Lawyers gave a live demonstration of Adding a New Property. In less than 10 minutes, Michael had successfully completed a Section 32 and Contract for a Southbank apartment at 88 Southbank Boulevard. The result was a 62 page vendors statement ready to be approved online by the client in Hong Kong and to be downloaded and printed on demand by the estate agent with Melbourne Inner City Management. Michael admitted that he had done some prep work and had the Form 3, Lease and rate notices ready to be uploaded. Michael estimates that he has spent less than 30 minutes working on the file and the turnaround time from instructions was less than 7 days - without using the fax or the photocopier. Michael who is recently new to conveyancing thinks using 247 is a no brainer. Anyone who is interested can view the finished result.
UNIT 172, 88 SOUTHBANK BOULEVARD, SOUTHBANK
We had some excellent questions from Pauline Barrow and Jill Ludwell both from the Australian Institute of Conveyancing. Their initial concerns were 1) privacy and 2) can agents be trusted to print the 32? These concerns aside, and yes they were answered, Pauline and Jill certainly could see the merits of such a system in today's e-environment for their members.
It was however the unscripted testimonial from Craig Williamson of Buxtons Real Estate that carried the evening. Craig has been an early adopter and his support as a representative of the real estate industry carries a lot of weight. Craig made one observation which was. "12 months ago 1 in 10 buyers requested for the vendors statement to be emailed to them. That figure is now closer to 50% And the perennial problem we have is, it's frustrating waiting for 32s". With an extremely busy October, Craig would love to see all his vendors using accredited 247legal Lawyers or Conveyancers.
If any of us are to stay relevant, we must change to meet the needs of our clients, staff and the real estate industry in general.
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