Conveyancing Protocols are Changing
Electronic Settlements are becoming a reality in Queensland, with the roll out of PEXA (Property Exchange Australia Limited) for conveyancing across Australian states.
What is PEXA?
PEXA is Australia’s online property exchange network. PEXA enables lawyers, conveyancers and financial institutions to lodge documents with Land Registries and complete conveyancing and financial settlements electronically.
The states of Queensland, NSW, Victoria, and WA, the four major banks and ex Toll Holdings chair Paul Little own PEXA, with Macquarie Group being PEXA’s biggest shareholder, with a 25 per cent stake in the company. $40 million was raised by the property hub in two capital raisings in 2017.
The aim is to have the property industry move to a completely digital conveyancing process in the future, with transactions now able to be completed on PEXA in Queensland, Victoria, NSW, Western Australia and South Australia.
In conveyancing, lawyers and conveyancers can use PEXA to liaise with the home buyer or seller’s bank, conduct title searches, lodge documents and transfer funds to complete settlement in a fast and efficient manner.
To date Victoria and NSW have mandated the compulsory use of PEXA for all transfer transactions, including conveyancing, with Victoria commencing on 1 October, 2018, Western Australia on 1 December, 2018 and NSW on 1 July, 2019.
Lawyers and conveyancers in Queensland can now register to use PEXA for conveyancing electronic settlements, with PEXA, the Commissioner of Stamp Duties, Registrar of Titles and Queensland Law Society working together towards mandating the compulsory use of the platform.
The advantages of using PEXA include:
- e-Conveyancing minimises the manual processes and paperwork associated with property settlement by enabling lawyers, conveyancers and financial institutions to transact together online.
- On-time conveyancing settlement.
- Cleared sale proceeds in your account same day.
- Complete and lodge documents electronically.
- Registration of the Transfer immediately, instead of days or sometimes weeks after settlement.
- Reducing the risk of errors and delays, giving you greater certainty of successful, on-time settlement;