Property Exchange Australia
Following years of discussion and planning, electronic conveyancing is scheduled to finally hit South Australia in May 2016, bringing with it a complete overhaul of the conveyancing process for legal practitioners and conveyancers.
Property Exchange Australia (PEXA) is the platform supporting the transformation to electronic conveyancing for property. PEXA is an online property exchange that removes the need to physically attend settlement by allowing Land Registries, financial institutions and practitioners to transact together online.
PEXA will provide many efficiencies to the conveyancing industry by reducing the time spent preparing instruments, removing the need to attend settlement and using technology to greatly reduce the prevalence of errors and failures in land transactions.
PEXA supports the exchange of property through the ability to perform lodgements and property settlements online in a simple transaction. This includes new mortgages, mortgage discharges, transfers, settlements, refinancing, caveats and notices in one easy to use, intuitive electronic platform. In short, the PEXA Subscriber (your conveyancer) will open an online workspace where the Registry documents and settlement schedule are created and information is shared with all parties to the transaction. Once preparation is complete and the settlement date and time is reached, PEXA will automatically lodge documents with the Land Registry, exchange loan funds and pay stamp duty and other third party beneficiaries meaning no more bank cheques and no more physical attendance is required at settlement.