PEXA (Property Exchange Australia) is an online settlement and lodgment platform used by about 10,000 lawyers, conveyancers and financial institutions to lodge and settle property settlements.
Where can I use PEXA?
E-conveyancing or online platforms such as PEXA are available in many regions and areas of Australia.
New South Wales requires that all standard transfers be completed online rather than traditional paper formations, which will be soon followed by South Australia.
In Queensland, e-conveyancing is still an option. Therefore, if all parties are registered with PEXA, we will usually ask our clients to let us know if they do not wish to continue paying for PEXA.
What type of transaction can be completed on PEXA?
There are a variety of transactions that can be completed electronically via PEXA depending on each region.
Many goods transactions involved in common transfers such as these can be terminated in PEXA.
- Mortgages and discharge of mortgages;
- Caveats and caveats withdrawals;
- Encumbrances and discharge of encumbrances;
- Priority Notices;
- Transfer to a beneficiary;
- Leasing; and
- Financial accommodation.
Benefits of PEXA
PEXA is designed to empower attorneys, trustees and financial insiders to complete online real estate. There are many benefits to all participants in using e-conveyancing or PEXA. Especially for our customers, PEXA accommodation offers the following benefits:
- Great confidence
Since there is an integrated (online) workplace between all stakeholders, it is possible for each user to decide at which process their other party or financial institution is on. This allows us to provide you with more accurate information faster. Most importantly, there are a few risks of late payment due to PEXA verification and inspection of all online documents prior to lodgment.
- Cheap Settlement Costs
Most paper settlements take place in a physically harmonious environment, often suggested by the seller’s financial sponsor. Therefore, if the settlement is different from the point of transfer of your points / attorney, they will usually have to appoint a Settlement Agent to represent them and, as a result, the costs will be transferred to you.
With PEXA, payments take place online at the agreed date and time, eliminates the costs involved in appointing a Settlement Agent. With payments and installments completed electronically, you will also save up to $ 20 per bank check.
- Access to quicker funds
Since all money is transferred electronically, it is quick to clear funds.
- Your signature no longer needs to be witnessed
If you have ever sold your home before using paper housing, you will remember that you have to sign a document and have it certified by a qualified person which was not always easy. With the payment of PEXA, all transfer documents are completed online, and you do not need to sign your signature. We will sign the transfer documents on your behalf upon completion of your verification (VOI).
- It is better for nature
As more and more online payment and transfer documents are processed and submitted via the PEXA platform, we can reduce the amount of paper required to exchange goods.
Who can use PEXA?
Only authorized subscribers can use and view the content of PEXA workspaces.
How much does it cost to use PEXA?
PEXA charges users for transactions collected where people live. Therefore, if the transaction is unsuccessful there will be no PEXA fee.
The fees may vary from state to state and from transaction to transaction. A complete financial plan can be found on the PEXA website.
If you have any questions or want to clear your doubts about e-conveyancing, transferring property or if you would like to know more about PEXA, please do not hesitate to contact our office.
Legal advice and assistance continues during COVID-19
We continue to provide our customer services during the coronavirus outbreak.
Most of our teams have returned to their respective offices and the rest are fully equipped to work remotely, where necessary.
You can contact us by phone or email to arrange your consultation; either in person at one of our offices, by telephone or by video consultation.
Brisbane : 07 3036 3828
Gold Coast : 07 56066160
Canberra : 02 6109 9119