Electronic conveyancing or e-Conveyancing is the term used for transactions and settlements conducted electronically. At Mr Conveyancer we have a strong commitment to supporting innovation in the conveyancing and property industry, as we aim to continually improve our service for our clients.
What is PEXA?
PEXA stands for Property Exchange Australia. PEXA is Australia’s online property exchange network and enables users to lodge documents and complete conveyancing settlements electronically. PEXA is both the company that provides the electronic platform used for e-Conveyancing and the electronic platform system itself.
Some of the key points of an electronic settlement with PEXA include:
• PEXA property settlement has advantages for all parties
• PEXA settlements provide certainty, predictability and convenience
• All forms of legal documentation to move to electronic format in the future
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.
- Faster. 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 understand the finer points of settlement and can download mobile telephone applications to enable them to track the process in real-time. Features include a personalised settlement checklist and instant alerts via SMS or email.
What does PEXA cost?
In PEXA, each party (transferor and transferee) pays a PEXA fee, currently $114.07. The PEXA fee covers the following services: Pre-population of Land Registry data, to remove the need for re-keying. Lodgment verification checks, to provide greater certainty that documents will be lodged successfully.
At Mr Conveyancer, we encourage the use of PEXA for all of our clients. All members of our team have extensive experience and knowledge of the system and are well equipped to settle your property electronically.
Mr Conveyancer is here to offer a complete solution to meet your needs. We have a ‘can do’ attitude and understand that timely and professional attention to detail is required for the best property transaction outcome. We will help you save time and money. Click here to contact us today and explore our quality service and legal conveyancing solutions. Your property deserves the assistance, quality and skill that we offer.