What Is PEXA?
PEXA (Property Exchange Australia) is Australia's online property exchange network. It assists members – such as lawyers, conveyancers and financial institutions – to lodge documents with Land Registries and complete financial settlements electronically rather than by way of a paper based system.
What are the benefits of using PEXA?
Faster completion of cases through real time lodgement and settlement in one simple transaction is what electronic conveyancing is all about. There is no longer a wait for documents to be registered, or for bank cheques to clear.
PEXA provides more up-to-date information, the ability to easily arrange or re-book a settlement online and provides clients access to the proceeds of the sale more quickly. Settlement monies will be deposited directly into the vendor’s nominated account within 24 hours of settlement (subject to the receiving Financial Institution’s policies and systems).
PEXA’s pre-lodgement verification ensures all participating parties have accurate and matching information before proceeding to settlement thus dramatically reducing the risk of delayed or failed settlement.
The PEXA system will soon be mandatory. By July 2018 all transfers of property must be conducted on the PEXA workspace and by July 2019 there will no longer be any paper based Title Deeds.
Please note the answers provided are for your general information only and we ask that you call our office on 1800 650 656 to obtain detailed legal advice for your individual situation.