Electronic Settlement - PEXA
The launch of Property Exchange Australia Ltd (PEXA)’s online e-conveyancing platform in 2016 brought about some of the most significant changes to the conveyancing industry to date.
With the introduction of PEXA, the way we settle property has been revolutionised. Using PEXA minimises the manual processes and paperwork associated with a settlement and provides a multitude of benefits to both Vendors and Purchasers, including:
- Sale proceeds being disbursed to the clients’ accounts almost immediately – no more waiting for bank cheques to be clear by your financial institution.
- In most cases same day registration of ownership, which in the paper process can take 4-6 weeks.
- Greater efficiency – manual processes are susceptible to human error, e-conveyancing reduces the risk with automatic document checking.
- The flexibility of settlement occurring at any time between 10 and 4 rather than the set time of 11.30 of paper settlements, which means delays are less likely to occur.
At Metro Conveyancing, we are proud to have been utilising PEXA since its inception. We are recognised as early adapters and are a PEXA Certified office. It’s no exaggeration to say we are PEXA experts, which is another reason to appointment Metro Conveyancing to act on your behalf in a property transaction.
The use of electronic settlements was mandated on 3 August 2020.