PEXA (Property EXchange Australia) is an electronic platform for the settlement of conveyancing and other land related transactions.
The types of transactions which can be effected on PEXA are sales and purchases, the lodgement of caveats, the granting and discharge of mortgages and refinance matters. There is a mandated timeline for these transactions to be effected electronically and PEXA is already the only way in which the settlement of some transactions can be effected.
The PEXA workspace allows the representative of each party to the transaction to monitor the progress of the matter, which ensures that any outstanding requirements are satisfied in a timely fashion, resulting in less delays in the settlement process.
For the parties to the transaction, PEXA has 2 main advantages over the old paper-based system:
The vendor receives clear funds in their nominated account on the settlement day. No more waiting for the cheques to return from the physical settlement or waiting for the bank to clear the cheques.
The purchaser is registered on title within a few minutes of the settlement being effected. Previously, the Transfer document was handed over on settlement to the lawyer for the purchaser or to the lender, and the purchaser was then not registered on title for several days, and in the case of some lenders, not for several months. The significant risk created by this “registration gap period” is completely eliminated by the PEXA process.
We are pleased to report that our Property Team have all recently been certified as PEXA users, which means that we are seen as proficient users of the PEXA system.
If you have any questions in relation to the PEXA system, or any property matter, please do not hesitate to contact a member of our Property Team.
If you have any questions in relation to the PEXA system, or any property matter, please do not hesitate to contact a member of our Property Team alternatively please click here to contact us via the website.