PEXA is the online settlement platform used predominantly by lawyers, conveyancers and banks.
It simply means that everything at settlement happens in an online workspace.
Your lawyer, bank, the other side’s lawyer and their bank will be represented in the online PEXA workspace.
You can even pay stamp duty in the PEXA workspace at settlement.
Recently, PEXA can now be used to lodge and file documents such as caveats, withdrawal of caveats, priority notices, survivorship application, transmissions application and encumbrances.
As of 11 October 2021, all dealings related to land must be lodged electronically and old paper Certificates of Titles will be cancelled and replaced with electronic versions. This is the final step towards 100% eConveyancing where the entire conveyancing process can be dealt with in the electronic workspace.
Historically, settlements were conducted through an exchange of papers between all interested entities physically attending the settlement venue. Bank cheques, title deeds, discharge of mortgages, and notices were physically handed to the relevant entity. As such, finances were delayed by a few days as bank cheques needed to be physically delivered, deposited into a nominated bank account and then the recipient of the funds had to endure the dreaded wait for the cheque to be cleared.
With the new online settlement process, the need to physically attend a venue for settlement and delays in clearing cheques are done away with. Funds in the electronic workspace are transferred immediately, and the time for the funds to clear in the deposited bank accounts is shorter (depending on the bank).
If you are buying or selling a property, ask your lawyer about PEXA. There is a mobile app supported by PEXA that updates and informs parties of the status of their conveyance.
The above information is based on NSW properties.
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*** Disclaimer:
Information on this website or post does not constitute legal advice and that electronic dialogue with readers does not constitute any form of client engagement unless specifically agreed.
The information is provided on a general basis only. We strongly recommend that you seek your own independent advice from a lawyer about your situation.
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