Conveyancing Blog

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What is PEXA and how does it work?

Aug 28, 2020 4:52:16 PM

As COVID-19 and social distancing measures continue to impact day-to-day life, the ability to complete conveyancing electronically has become more relevant than ever. A process that previously would take days or weeks can now be completed in minutes.

PEXA is an acronym for Property Exchange Australia. The PEXA platform allows settlement to occur in a digital workspace.

 In order to complete financial settlements, PEXA electronically sends instructions to financial institutions involved within the transaction. So no more Cheques and running out required by clients. 

It allows registered conveyancers, lawyers and financial institutions to use the digital platform for the preparation, distribution and signing of contracts of sale electronically for the transfer of ownership and to complete financial settlement for single or multi-lot developments.

 The advantages of using the platform includes reduced costs, faster work process, convenience and reduced risk of manual errors and delayed settlement. PEXA also minimises the amount of paper required in the property exchange process leading to a more environmentally friendly workflow. However, the major benefit of working through PEXA platform is much faster access to the proceeds of the sale, with the funds being transferred electronically rather than through bank cheques which can take many days to clear. The platform takes a lot of stress out of the process and allows buyers to become registered on the title of the property they are buying within minutes. PEXA has become the most efficient and productive method for all conveyancing practices while still achieving the best results.

 Being that the platform deals with large sums involved with real estate, there are high levels of security measures and protocols in place to protect users. Every Conveyancer and Lawyer who signs off in PEXA has dual-factor authentication and a digital certificate. Settling through the electronic platform known as PEXA has revolutionised property conveyancing as we know it.

To find out more, please contact us on 02 6989 4656.

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