PEXA - The eConveyancing revolution
Gone are the days of dealing with paper transfer documents and cheques. Yes, traditionally, the process of buying or selling a property has always involved a trail of paperwork.
However, since the introduction of electronic conveyancing in 2018, those paper documents have become digital and cheques have been replaced by electronic payments. PEXA is Australia’s online property exchange network. It was formed in 2010 by the Council of Australian Governments (COAG) to bring the property industry and conveyancing into the 21st century.
We use PEXA to liaise with your bank, lodge documents and transfer funds from the buyer to the seller.
Thanks to PEXA, payments are made electronically instead of with bank cheques, documents are automatically checked online and lodged instantly all of which will make the settlement process easier, faster and more secure.
What does electronic conveyancing mean for you?
Not a lot (and that’s a good thing!). The settlement process remains largely unchanged, it is just the final ‘settlement day’ process that has changed, and as your conveyancer, we act on your behalf in the electronic settlement space.
The good news, if you’re selling, is that it does mean that you’ll usually get your funds a lot faster than the old paper-based way. With no more waiting for cheques to clear, sellers can see clear funds in their account as soon as 5 minutes after settlement (though sometimes it can take up to 24 hours).
If you have questions about econveyancing, please contact the friendly team at Strategic Property Conveyancing.
