E-Conveyancing Property Settlements (PEXA)

What is e-conveyancing?

In 2010, a national electronic property exchange platform (E-Conveyancing) was introduced throughout Australia.  The purpose of E-Conveyancing is to streamline the settlement process whilst providing support to the property industry as we move towards a digital future.

Electronic conveyancing provides a more efficient way to complete the exchange of property. PEXA (Property Exchange Australia) is Australia’s online property exchange network and helps lawyers, conveyancers and other professionals lodge transfer documents with Land Registries and complete financial settlements digitally. 

Through PEXA, all proceeds of sale are transferred electronically meaning you’ll have access to cleared funds generally within 24hrs of settlement. 

Benefits of e-conveyancing

It is envisioned that E-Conveyancing will allow more transparency and reduce errors that can sometimes occur in the settlement process. There are many benefits to settling a matter online for the Solicitor (including time) but there are also advantages to the Buyer and Seller of the property such as:

  • For the Seller of a property, E-Conveyancing means that instead of waiting days for cheques to clear PEXA provides faster digital payments directly to the Seller’s nominated account.
  • As is the case with any industry, there is always the risk of minor human errors occurring in the documents, which can prolong the settlement. With PEXA the online documents are checked on a regular basis, which can reduce the chance of errors, resulting in a quicker and less stressful process for all parties involved.
  • It can take days or even weeks after settlement for documents to be lodged for the ownership of the property to be registered. PEXA provides a platform for the documents to be lodged instantly.
  • Digital settlements eliminate the need for bank cheques to be drawn, saving the Buyer bank fees. As there is less need for paperwork, the cost of postage is also reduced. In some instances where the settlement is to occur outside of the scope of the Lawyer’s location, a town agent may be required at the cost of the Buyer or Seller (up to $110).  As E-Conveyancing is done online there will not be a need for a town agent with PEXA.
  • Tracking your settlement. Apps have been designed to allow the Buyer or Seller of a property, settling their matter electronically, to track the progress of the settlement in real-time including instant updates via SMS or email. PEXA provides their clients with the SettleMe app allowing an up to date personalised checklist and a customised dashboard to easily track the process of the settlement.

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