It had to happen. With millions more buyers and sellers entering the digital sphere, the revolution had to eventually make its way to real estate. Now, online conveyancing (or e-conveyancing) has arrived with PEXA, resulting in reduced processes and paperwork and more efficient settlement experience.
PEXA is the acronym for Property Exchange Australia. It is Australia’s own online property exchange network with the sole purpose of allowing lawyers, conveyancers and financial institutions to lodge documents with Land Registries and to complete financial settlements electronically.
Already having assisted with tens of millions of dollars in completed online conveyancing, PEXA has streamlined settlement processes and saved on costs by dispensing with the need for face-to-face cheque and document exchanges.
The Transfer Guidelines were created after extensive consultation across the industry. By following the step-by-step recommendations, everyone in the industry is now completing PEXA settlements in the same thorough, proficient manner.
The four major banks, along with some other banks, have posted a checklist of recommendations on PEXA’s online community forum. This is to help practitioners through the independent tasks of online conveyancing such as:
The Transfer Guidelines recommend that invitations to an Incoming Mortgagee and/or Mortgagee on Title be sent at least ten days prior to settlement. This is to assist your bank with what they see as the minimum time needed to complete all of the essential processes.
PEXA’s conversation tool assists members with the provision of information that is not already available in the workspace. When used correctly, processes move at a pace.
It is still essential to confirm all vital information with you verbally, such as bank details, before they’re loaded onto the Financial Settlement Schedule (FSS).
PEXA is better for you. It’s a more streamlined process for us and it’s the right time for our industry. If you would like further explanation of e-conveyancing, one of our expert team members at Crescent Conveyancers is ready to speak to you today. Feel free to give us a call.