Whether it is time to sell your property or you have chosen to enter into a contract to purchase, you need to consider performing settlement via PEXA.
What is PEXA and E-Conveyancing?
Property Exchange Australia (PEXA) was developed to replace the need for manual property settlement transactions. PEXA enables Lawyers, Conveyancers and Financial Institutions to create an electronic workspace allowing all parties to perform settlement and lodge all documents for title registration.
Benefits of settling via PEXA include:
- Greater Certainty:
- Manual processing is prone to error which may result in delays or additional costs to rectify.
- PEXA platform regularly checks settlement documents to minimise errors and brings greater certainty of a successful settlement and title lodgement in real time.
- Clear Funds:
- Manual settlements are effected by way of bank cheques which take up to 3-5 days to deposit and clear.
- PEXA platform allows funds from settlement to be transferred in real time as cleared funds, which allows clients, agents, legal practitioners and financial institutions to access clear funds in their nominated accounts.
- Less Inconvenience:
- Manual settlements are not just performed by the ‘old school’ method of bank cheques, they are also performed by using documents requiring your execution and these documents are required to be witnessed by a qualified witness, which may cause you inconvenience in your busy day to day life. This can also incur additional expenses in postage.
- PEXA allows your appointed Lawyer to execute the relevant Land Title documents electronically.
- On-time Settlement:
- Many reasons may cause delays in manual settlements or incorrectly prepared documents.
- PEXA regularly checks documents up until the workspace is locked, minimising errors and delays. This gives certainty that settlement will occur as scheduled, allowing buyers to take possession of their new property much sooner.
- Title Lodgement:
- Following a manual settlement being performed, either financial institutions taking security of new property or the buyers Lawyer will collect title documents and attend to registration. This may take days or sometimes weeks following settlement to lodge.
- PEXA transfers ownership of a property immediately following settlement and the time for settlement and title lodgement as a whole takes up to 20 minutes.
- Bank Cheques:
- This would have to be the most beneficial point to PEXA, eliminating the need for bank cheques ensuring all parties are transferring and accessing cleared funds.
PEXA has also introduced SettleMe, an extension which allows you, the client to track your settlement online, view up-to-date checklists of any tasks and receive instant notifications.
Call us today about PEXA and SettleMe.