Online Conveyancing Made Easy With PEXA

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.

What is PEXA

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.

Tips for an Easy Experience with e-Conveyancing

Follow the Transfer Guidelines

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.

Refer to Bank Transfer Checklists

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:

• How to send a Discharge Authority (DA)
• How to contact a bank if you have an issue
• Special provisions for business lending
• Extra information to include in invitations

Send Invitations Early

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.

Have Productive Conversations

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.

Verbally Confirm Bank Details

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).

Your Guide to the Online Purchase Process With PEXA

• First, we open a secure digital workspace by invitation and enter your data. This will include a settlement date that other participants can negotiate.
• Next, clients authorise us to digitally sign documents on their behalf.
• For now, contracts are still received in paper format which we then load into PEXA in a digital format.
• Digital signatures take place ensuring that nothing goes missing or is delayed.
• Time is saved preparing for settlement with PEXA pre-populating areas like stamp duty and other fees, and the final payment coming out of a pre-arranged account.
• On settlement day, there’s no need for a final meeting as all of the tasks will have been completed and the transaction will naturally take its course.

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.