Electronic conveyancing or e-Conveyancing is the term used for transactions and settlements conducted electronically.
CS Legal are extremely proud to have conducted the very first electronic lodgement in Western Australia in 2015. We have a very strong commitment to supporting innovation in the conveyancing and property industry aimimg to continually improve our service to 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 financial settlements electronically. PEXA is both the company that provides the electronic platform used for e-Conveyancing and the electronic platform system itself.
PEXA was formed in 2010 to deliver a single, national digital conveyancing solution to the Australian property industry under a Council of Australian Governments’ (COAG) initiative.
Visit the PEXA website.
Who owns PEXA?
Property Exchange Australia Ltd is a company limited by shares with key shareholders including:
- Victorian, New South Wales, Queensland and Western Australia Governments
- The four Major Banks
- Macquarie Capital
- Little Group
- Link Group
How does PEXA work?
PEXA registered conveyancers, lawyers and settlement agents can settle properties electronically for their clients.
CS Legal has been registered with PEXA since 2015 and all our conveyancers have the skills and expertise to guide you through an electronic settlement.
Some of the key points of an electronic settlement with PEXA include:
- All clients must sign a client authorisation confirming their approval to use PEXA and after this there will be no other PEXA documents to sign.
- All required documentation will be scanned and uploaded to PEXA by your conveyancer.
- PEXA automatically checks that online documents have been correctly filled in.
- Conveyancers and financial institution staff review and check documents uploaded to PEXA prior to settlement. This allows them to pick up any errors and have them corrected to avoid delays in settlement.
- Conveyancers and financial institution staff sign the documents once they are satisfied, thereby confirming settlement can proceed.
- Settlement occurs online and can be completed from 9am (whereas a manual settlement cannot start before 11am).
What are the benefits to e-conveyancing?
There are many advantages to settling your property purchase or sale through PEXA.
Greater certainty
E-conveyancing helps to streamline the conveyancing process and reduce the manual processes. PEXA’s automatic online document checks reduce the risk of errors and provide greater certainty that your settlement will be completed on time.
Get your money faster
There is no need to wait for bank cheques to clear and you do not need to pay a bank cheque fee. With PEXA sale proceeds are processed as cleared funds and sellers can have funds transferring via Electronic Funds Transfer (EFT) same-day.
Peace of mind
When conveyancing is done manually, documents registering your ownership can be lodged days, or in some cases weeks, after settlement. With PEXA these documents are lodged instantly, so buyers are instantly registered with Landgate as the owners of the land, giving you full peace of mind.
Track your settlement
Buyers and sellers who use PEXA can track the progress of their settlement in real-time by using SettleMe. This free service helps you stay informed of your settlement with instant SMS or email alerts and also provides information on each step of the process.
Learn more about SettleMe.
What does PEXA cost?
The cost for a single transfer of title through PEXA is $110.55 (correct as of October 2017).
Be sure to check whether or not the PEXA fee is included in your conveyancing quote. Learn more about the costs of conveyancing.
What does PEXA mean for you?
From 1 May 2018, all settlements in Perth and throughout Western Australia will have to be lodged electronically using PEXA. See Landgate’s announcement here.
At CS Legal, we encourage the use of PEXA for all our clients. As one of the leading PEXA users in both WA and Australia, our conveyancers have extensive experience and knowledge of the system and are well equipped to settle your property electronically.
Contact us for an obligation free quote and learn more about the benefits of settling with PEXA.
