What is PEXA?
PEXA (Property Exchange Australia) is Australia’s online property exchange network. It assists those registered – such as lawyers, conveyancers and financial institutions to lodge documents with Land Registries and complete financial settlements electronically, without the use of physical files and documents.
PEXA was formed in 2010 and has the backing of the four state Governments and the big banks throughout Australia. It was originally known as National e-Conveyancing Development Limited. You can see the ownership of PEXA here.
What is e-Conveyancing / electronic settlement?
Electronic conveyancing (e-Conveyancing) minimises the manual processes and paperwork associated with property settlement by enabling lawyers, conveyancers and financial institutions to transact together online, rather than by using paper, postal services and physically attending settlements. E-Conveyancing is the digital completion of conveyancing transactions including transferring property ownership from the property seller to property buyer.
Using PEXA enables you to lodge documents and complete financial settlements electronically. E-Conveyancing also reduces the risk of errors and delays, giving greater certainty of successful and on-time settlement of your property.
E-Conveyancing offers substantial benefits and efficiencies and will replace many of the paper and manual processes that are currently used in traditional property transactions, as we pass on savings and reduced costs to our valued clients.
What are the benefits of PEXA for clients buying or selling property?
There are many benefits for both clients buying and selling property in Queensland using electronic settlement.
See below for benefits of PEXA and electronic settlements:
No bank cheques – gone are the days of requesting bank cheques, picking them up and exchanging at the time of settlement.
Simultaneous settlements – the sale and purchase of a property or land can be completed simultaneously. Prior to PEXA’s introduction, this couldn’t be physically completed.
Less errors – with the PEXA system, everything can be checked online prior to the settlement of property, which previously couldn’t be done with the old manual process.
Documents lodged instantly – Lodge or withdraw caveats electronically in real-time with the Land Registry.
Fast access to funds – settling electronically now allows you to receive your funds in real time.
Faster systems – the property settlement and conveyancing process is enhanced to ensure that everything is as efficient as possible. There’s no need to wait for bank cheques to clear, documents to be checked and physically attending settlement.
Easy to use system – easy to sign up, click and follow system which ensures peace of mind when settling electronically.
Instant notifications – get instant notifications of where your property settlement is up to throughout the settlement and upon completion.
Minimal paperwork – with everything now online, there’s no need for printing, scanning, collation or physical posting documents that are involved in the transfer of property.
Tracking– the new system allows for buyers and sellers to see the updates of their property through the PEXA key app. It ensures that buyers and sellers can see the status of their settlement and get notifications through their choice of communication.
No physical settlements – without physically attending settlements thanks to the implementation of the PEXA system, we can now pass this cost saving onto our clients. Using the PEXA system has eliminated the need for physically attending settlement.
How can FC Lawyers help you with your property settlement?
Our team of Conveyancing and Property lawyers and paralegals can assist you with your sale or purchase of residential property or commercial property. As Registered members of PEXA, our conveyancing and property team can help you through the e-conveyancing process. We have been assisting clients in the property industry for over 25 years.
Our team of conveyancing lawyers and paralegals are also PEXA certified and have acted in thousands of property transactions involving the sale and purchase of land, units, houses, farms and large-scale developments.
Contact one of our experienced team members today to discuss how we can assist you with all your PEXA, e-conveyancing and electronic settlement needs.