Electronic conveyancing provides a quick, simple way to complete the exchange of property. PEXA (Property Exchange Australia) is Australia’s online property exchange network and helps lawyers, conveyancers and other professionals lodge transfer documents with Land Registries and complete financial settlements digitally.
Being Pexa approved lawyers, let’s take a closer look at PEXA and the advantages of electronic conveyancing.
What is electronic conveyancing?
Conveyancing is the process of transferring ownership of a property from one person to another, and it is a crucial factor to consider when buying or selling a property. Conveyancing includes the preparation, verification and lodgement of a range of important legal documents, conducting searches on the title of the property and arranging settlement.
Electronic conveyancing, or e-conveyancing, reduces the number of manual processes and the paperwork required with traditional conveyancing transactions. E-conveyancing allows conveyancers, lawyers and financial institutions to lodge important documents and arrange financial settlements digitally, ensuring a faster and more convenient conveyancing process.
What is PEXA?
‘PEXA’ stands for Property Exchange Australia and is the only
Electronic Lodgement Network (ELN). It is an Electronic Lodgement
Network (ELN), i.e. a national online system providing for:
- preparation of electronic dealings and verification of lodgement acceptability
- electronic settlement of real property transactions including payment of settlement monies, duties, taxes and any other disbursements, and
- electronic lodgement of dealings to the appropriate Land Registry.
What are the advantages of settling online?
The following are some of the advantages to settling the transfer of property online through PEXA:
- Less paperwork.From postage costs to delays associated with paperwork errors, the traditional method of offline conveyancing had many drawbacks. By eliminating the need for messy and time-consuming paperwork, e-conveyancing makes the process quicker and less stressful, and PEXA’s online document checks reduce the risk of errors.
- E-conveyancing speeds up and streamlines the conveyancing process. This means faster digital payments rather than waiting days for cheques to clear, and PEXA’s automatic online document checks provide greater certainty that your settlement will be completed on time.
- Save money.By moving every aspect of the conveyancing process online, e-conveyancing can reduce the costs involved when buying or selling a home.
- Peace of mind. When conveyancing is done manually, it can take days or perhaps weeks after settlement to lodge the documents registering your ownership of a property. E-conveyancing ensures that these documents are lodged instantly.
- Track your property settlement.Buyers and sellers who use PEXA can also take advantage of the SettleMe app, which helps you understand the finer points of settlement and allows you to track the process in real-time. Features include a personalised settlement checklist and instant alerts via SMS or email.