PEXA- THE FUTURE OF CONVEYANCING IS HERE!

separator

PEXA- THE FUTURE OF CONVEYANCING IS HERE!

/ 0 Comments /

Conveyancing has now started to transition to an electronic platform through PEXA (Property Exchange Australia). e-Conveyancing is an initiative championed by the property industry to simplify the complex process of property sales.

PEXA is a secure online settlement room where Lawyers, Conveyancers, Land Registries and financial institutions communicate. It provides safer, faster and more efficient settlements by minimising the manual processes and paperwork associated with property settlement.

Some of the benefits of an electronic settlement are:

  1. Documents can be lodged electronically on your behalf;
  2. Funds are transferred electronically on the day of settlement. NO MORE BANK CHEQUES or associated running around and fees!
  3. Vendor has cleared funds into their bank account on the day of settlement, there is no delay in funds clearing;
  4. Title is transferred into the purchaser’s names within 24 hours of settlement, usually, title takes 2-3 weeks to be transferred through a manual settlement;
  5. Council, Valuer General etc are advised within 24 hours of the new owner’s details, this can sometimes take a few months if settled manually;
  6. No need to physically attend settlement, so no agents costs when settlement is not in Newcastle; and
  7. Caveats can be lodged almost immediately on the title.

e-Conveyancing also reduces the risk of errors and delays, giving you and your clients greater certainty of successful, on time settlement.

At O’Brien Winter Partners we have been using the PEXA platform since June 2016 and offer the service to any of our clients. Contact one of our property law team on 02 4949 2000 to discuss why you should do your next sale or purchase of property using PEXA.

separator

No comments so far!

separator

Leave a Comment