Property Exchange Australia
We are Ahead of the Pack
PEXA (Property Exchange Australia) is Australia’s online property exchange network. It assists members – such as lawyers, conveyancers and financial institutions – to lodge documents with Land Registries and complete financial settlements electronically.
The Conveyancing Shop is proud to say that we were one of the first Conveyancers to carry out an electronic settlement and we were the first who carried out an electronic settlement with finance.
So what are the benefits of electronic settlement?
The main benefit is that the transfer of funds is in real time, so the bank, council, water board and strata get their funds immediately into their bank accounts, but so does the Vendor – this means that the vendor is able to draw on their settlement funds immediately that day as they are clear funds.
Another main benefit which we believe is the best is that the title registration of the transfer is done within 5 minutes of settlement occurring! This means that there is less risk of a caveat being lodged before the bank or ourselves lodge the documents with the land titles office, or a charge being lodged, this gives the purchaser more peace of mind that they own the property. We are also able to then provide to our client that day a title search showing them that they are the owners.
We are so excited to be offering this service to our clients, not all conveyancers are on the system yet, however the NSW Government has indicated that they want all settlements to be carried out electronically by mid 2018 so by us already carrying out electronic settlements, we are ahead of the pack and able to give our clients the best most cost effective and quick service in their property transaction.
More info at: (https://www.pexa.com.au/buyers-sellers)
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