PEXA Electronic Conveyancing
All Real Estate transactions from the 1 December 2018 are required to be settled on the PEXA Electronic Conveyancing platform. (Subject to PEXA guidelines)
What is electronic conveyancing?
Conveyancing is the process of transferring ownership of a property from one person to another, and it is a crucial factor to consider when buying or selling a property. Conveyancing includes the preparation, verification and lodgement of a range of important legal documents, conducting searches on the title of the property and arranging settlement.
Electronic conveyancing, or e-conveyancing, reduces the number of manual processes and the paperwork required with traditional conveyancing transactions. E-conveyancing allows conveyancers, lawyers and financial institutions to lodge important documents and arrange financial settlements digitally, ensuring a faster and more convenient conveyancing process.
What is PEXA and how does it work?
In 2010, the Council of Australian Governments (COAG) formed PEXA as part of its initiative to provide a national e-conveyancing platform for the Australian property industry. The aim of PEXA is to support the property industry as it moves towards a completely digital conveyancing process in the future.
PEXA has an extensive network of Australian property lawyers, conveyancers and financial institutions to help simplify the property exchange process. E-conveyancing is currently live in five Australian states, and PEXA provides a platform to carry out all the steps of conveyancing online.
Conveyancers will use PEXA to liaise with the home buyer or seller’s bank, conduct title searches, lodge documents and transfer funds to ensure a fast and smooth settlement. Payments are made digitally rather than via bank cheque. Automatic online document checks reduce paperwork errors, and documents are lodged instantly to make the process as quick and easy as possible.
What are the advantages of settling online?
The following are some of the advantages to settling the transfer of property online through PEXA:
• Less paperwork. From postage costs to delays associated with paperwork errors, the traditional method of offline conveyancing had many drawbacks. By eliminating the need for messy and time-consuming paperwork, e-conveyancing makes the process quicker and less stressful, and PEXA’s online document checks reduce the risk of errors.
• Peace of mind. When conveyancing is done manually, it can take days or perhaps weeks after settlement to lodge the documents registering your ownership of a property. E-conveyancing ensures that these documents are lodged instantly.
• Track your property settlement. Buyers and sellers who use PEXA can also take advantage of the SettleMe app, which helps you understand the finer points of settlement and allows you to track the process in real-time. Features include a personalised settlement checklist and instant alerts via SMS or email.
If you have any further questions please do not hesitate to contact Chris on 93152228.