Topic: PEXA ONLINE SETTLEMENTS
The Conveyancing process is about to get a whole lot simpler.
In 2014, the national government implemented a national conveyancing system via Property Exchange Australia or PEXA, an online property exchange system that allows property transactions to go paperless.
With PEXA being integrated into most of Australia’s major states, the future of online settlements providing paperless and faster conveyancing is just around the corner.
Traditionally, the complete conveyancing process can take up to 30 days, even longer in some cases. However with the simple and fast tracked processes that online conveyancing provides, this paperless method of conveyancing may reduce settlement time to as little as seven days.
PEXA helps facilitate the exchange of funds, payment of transfer duty, and other third-party beneficiaries, removing the need for bank cheque at settlement and the wait that goes with them.
There is no longer a need for buyers or sellers or their nominated representative to physically attend settlement, as all of the documents uploaded to PEXA are considered legally binding. Your solicitor is authorised to digitally sign documents on your behalf once they obtain client’s authorisation.
Most of the major states are already in the process of shifting to online conveyancing for the majority of their conveyancing matters.
Queensland is planning the shift towards e-conveyancing completely, with digital conveyancing firstly being introduced to our state in December 2015 using PEXA.
Online conveyancing services are intended to make the whole process a more affordable, streamlined and time-efficient method of completing conveyancing transactions than traditional methods.
E-conveyancing is also beneficial to conveyancers as it leads to less room for human error and eliminates the need for re-working of paperwork by mistakes in paper-based conveyancing. It significantly reduces delays and the stresses of property settlement sometimes experienced by both sellers and buyers.
Whether you are buying or selling, there are many benefits to using PEXA for your online Conveyancing matter. Please call us on 07 3236 0001 to discuss these benefits and how we can assist you.