As an early adopter of the national electronic conveyancing system, Fox and Thomas is proud to be able to offer this service locally to our clients.
Run through PEXA (Property Exchange Australia), the e-conveyancing system allows for an “electronic” settlement of a property transaction through an online exchange.
Two of our local conveyancers’, Jo Thompson and Julie Morris, recently became PEXA e-conveyancing certified and are happy to explain the system and also put it to use for our clients.
So what is PEXA and why should you use it?
What is PEXA?
PEXA is Australia’s national e-conveyancing platform. It is a more efficient and secure way of conducting the settlement of your conveyancing transaction and replaces the traditional paper and manual process usually involved.
PEXA enables lawyers, conveyancers and financial institutions to transact together online to process property transfers for each of the state land registries.
As well as conveyancing, PEXA can facilitate other property transactions such as changing the name on a land title, requesting a replacement certificate of title, transferring property pursuant to wills and transfers of land in Family Law matters.
But how does this benefit you?
If you are selling your property…
If you are selling your property this means you get your money faster. Instead of waiting for up to 3 days for a cheque to clear, with online settlement through PEXA, your sale proceeds will be processed the same day and be available as cleared funds in your nominated accounts.
With PEXA there is less paperwork. All documents are created electronically and shared amongst the parties online. You no longer need to sign a paper transfer document, instead your lawyer or conveyancer represents you online greatly reducing the amount of time you need to spend completing the process.
Buying a property using PEXA…
Through PEXA, a change in ownership is recorded within minutes of settlement occurring giving you clear proof and confidence in your ownership. It’s not always the case in the manual world where it can sometimes take weeks for a change in ownership to be registered with the relevant Land Registry.
PEXA’s automatic online document checks give you greater certainty that your settlement will occur as scheduled, allowing you to take ownership of your new property.
If you want to know more about PEXA and e-conveyancing please contact Jo or Julie on 07 4671 6000.