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Direct subscriber

 


Subscribe directly to PEXA and complete transactions on your own behalf (eg financial institutions) or on your clients’ behalf as a Representative Subscribers (eg lawyers and conveyancers).

 

Sponsored Subscriber


This applies only if you are a Representative Subscriber.  Subscribe directly to PEXA but access PEXA via a Sponsor. PEXA has a contractual relationship with Sponsors via Sponsorship Agreements (InfoTrack, GlobalX Legal Solutions, SAI Global and Veda). All Subscribers accessing PEXA via a Sponsor must also sign a Participation Agreement with PEXA.

 

Panel Master/Panel Member

 


The Panel Master is a Financial Institution (FI) that subscribes directly to PEXA but uses one or more Representative Subscribers (each a Panel Member) to represent the FI in the workspace.

 

Sub-Contractor

 

 


Direct Subscribers can use a Sub-contractor to complete transactions on their behalf.  The Subscriber will provide PEXA log-in credentials and digital certificates to the Sub-Contractor to enable the Sub-Contractor to access PEXA on the Subscriber’s behalf.

 

Release 1 has successfully launched in Victoria, New South Wales, Queensland and Western Australia with the four Major Banks, along with a number of other Financial Institutions, currently completing stand-alone transactions such as mortgage discharges, new mortgages and refinances. 
 
Full functionality (Release 2) launched on Monday 10 November 2014 in New South Wales. A number of pre-selected property lawyers and conveyancers in metro Sydney and Wollongong joined the platform with access to online lodgement and financial settlement. 

To view the full roll-out of PEXA click here.
 
 

You can identify when there is no paper certificate of title (no CT) by conducting a title search. The folio section on the register clearly identifies that there is no certificate of title and who holds the right to deal (CoRD).

In NSW, electronic CoRD may only be held by an APRA registered Financial Institution.

The CoRD holder (eg. the Vendors bank) will complete and lodge a Consent in PEXA relinquishing CoRD upon registration of the settlement dealing. This is the electronic equivalent of bringing a paper title to settlement.

This means you no longer need a certificate of title to be issued for a manual settlement. You can conduct another title search and check that all dealings now appear. This is your guarantee that the property transaction can proceed just as it would with a paper title.

You are now ready to attend settlement. Although it is not necessary, you are able to print the title search showing completion of all dealings and take it to settlement. 

Electronic certificates of title (eCT) will be easily identified in the Administrative Notices section on a title search. This will also identify who holds eCT Control.

In Victoria eCT Control may be held by any PEXA Subscriber. The eCT Controller (eg. the Vendors Banks or if unencumbered the Vendors representative) will complete and lodge a Nomination in PEXA, relinquishing eCT Control upon registration of the settlement dealing. This is the electronic equivalent of bringing a paper title to settlement.

This means you no longer need a paper certificate of title at a manual settlement. A title search/final search will confirm the Nomination has been registered, along with its dealing number. This is your guarantee that the property transaction can proceed just as it would with a paper title.

You are now ready to attend settlement. Although it is not necessary, you are able to print the title search/final search showing completion of all dealings and take it to settlement. 
Yes, a manual settlement can seamlessly proceed when there is an electronic title. 

PEXA is not just another piece of software - in fact it's not a piece of software at all! PEXA is an online property exchange that removes the need to physically attend settlement. Basically, Land Registries, Financial Institutions and Practitioners can transact together online, performing lodgement right through to settlement from their desk.

Yes. All participants must be PEXA members to perform an online property transaction. If a participant initiating an electronic transaction finds that another participant is not yet a member, then the initiating participant may submit a request to PEXA to contact the non-member and initiate the registration process.

Before beginning any transaction, you will be able to search the PEXA Membership list to ensure all parties to the transaction are also members. In the instance they’re not, you can submit a request to PEXA to contact the non-Member and initiate the on-boarding process.

No, you do not need to be logged in during an electronic settlement. Settlement will automatically proceed at the scheduled date and time provided the following criteria have been met:

  • The Settlement Schedule is balanced;
  • All required participants have digitally signed the Settlement Statement;
  • Settlement source funds have been verified and if required by the Member, authorised; and
  • All documents in the Lodgement Case associated with Settlement have been digitally signed and successfully completed and passed Land Registry Lodgement Verification.
Yes. An electronic transfer has the same standing in law as the paper based transfer, and any property transfers completed in PEXA will be present in a historical search.
No. PEXA has no access to a firms trust account.

The PEXA Financial Settlement Model ensures that settlement between Financial Institutions (both source and destination) occurs near real time. The timing of electronic disbursements from the destination bank to the eventual recipient(s) will vary, however, typically disbursements will appear in the destination account within 24 hours of settlement. PEXA does not require the use of bank cheques.

The Member will have the opportunity to contact any participant within the PEXA workspace via an inbuilt messaging system. In addition, Members are always able to call their bank as per the current processes.

The system which operates in Victoria, Electronic Conveyancing Victoria (ECV), is unique to that state however it does contain many elements required for a national system. Property Exchange Australia Limited have acquired the intellectual property for that system along with the intellectual property from other states and used this as the foundation for building PEXA. Existing ECV users were transitioned across to PEXA in June 2014 prior to ECV closing operations in June/July 2014.

No. PEXA is being built to provide reform across an entire industry. The benefits will be felt by Property Lawyers, Conveyancers, Land Registries, Banks and other Financial Institutions among others through cost savings and efficiencies. Property Exchange Australia Limited engaged members from each of these groups in the design and build stage to ensure PEXA meets the needs of all parties.

PEXA is being developed to streamline the property exchange process and can be used by all registered parties to this process. The Member eligibility criteria has been set out by the electronic conveyancing regulator ARNECC and includes Banks and other Financial Institutions, Lawyers, Conveyancers and Land Registries as an example. The general public will not be able to use PEXA to perform their own conveyancing.


Yes. PEXA will provide for the creation of a Caveat and Withdrawal of Caveat document. The same rules apply to lodgement of electronic caveats as per the paper channel. 
No. PEXA cannot facilitate an application for service of notice (for removal of caveat on application to the Registrar). Caveats can be withdrawn in PEXA but only where the Subscriber is, or acts for, the caveator.
PEXA cannot facilitate consents by third parties to dealings. In Victoria, the Responsible Subscriber may indicate in the Workspace that there is a Dealing Requirement, "Consent of Caveator". Registration of the Registry Instrument will not be completed unless the written consent of the Caveator is provided (outside of PEXA) to the Registrar, or the caveat otherwise lapses.
Yes. PEXA will allow a Subscriber to act in multiple roles within a Workspace. Practitioners electing to represent multiple parties in a transaction should observe any existing professional conduct rules.
If your client is providing cash to the transaction they will be able to forward funds to the Member’s source account – this could be a Statutory Trust Account or PEXA Registered Source Account.
This means you will no longer have to wait in line at the bank to obtain cheques, nor pay for them.
 
All PEXA documents are created, signed and lodged electronically in PEXA. There are no physical documents in a PEXA transaction.

In all jurisdictions, except QLD (where all but a few titles are electronic), a paper title may be converted to electronic format as part of the PEXA electronic transaction process. Following conversion, the paper title must be destroyed or marked invalid and securely stored. Alternatively, the practitioner may ‘Produce’ the title to the jurisdictional land registry and progress the electronic transaction via reference to the title ‘Production Record’ issued by the land registry.

As part of the transaction, the participant who will receive Control of Right to Deal (CoRD) over the title following the transaction (first Mortgagee or if none, Proprietor on Title) may specify if the format of the title to be issued will be electronic or paper.

NOTE: In NSW only APRA registered Financial Institutions may hold CoRD for an electronic Certificate of Title. All other PEXA Members eligible to receive CoRD must receive a paper duplicate certificate of title.
There is a process in PEXA to convert the paper duplicate to an e-certificate title. In most cases, this will be completed by a financial institution as there will be a mortgage over the property requiring a discharge/release. Once the title has been converted from paper to electronic the duplicate must be destroyed or secured. The discharging mortgagee does not need to deliver the paper duplicate to the LTO.
When there is an unencumbered title the process will be completed by a practitioner. Guidance around dealing with the titles can be found in the Model Participation Rules.
Duplicates will progressively be reduced, as per the current processes in Queensland. There will be an option to obtain a duplicate copy within PEXA, if required.


http://www.arnecc.gov.au/

Duplicates will progressively be reduced, as per the current processes in Queensland. There will be an option to obtain a duplicate copy within PEXA, if required. 

Settlement will automatically proceed at the scheduled date and time provided that the following criteria have been met:

  • The Settlement Schedule is balanced;
  • All required Participants have digitally signed the Settlement Statement;
  • Settlement Source Funds have been verified and if required by the Member, authorised; and
  • All documents in the Lodgement Case associated with settlement have been digitally signed and successfully completed and passed Land Registry Lodgement Verification. 
Yes. PEXA can manage the payment of stamp duty as well as all other third party disbursements.

Stamp duty will be calculated using the online duties service with the respective state based Revenue Office. Once the calculations are provided, the Member will be given a unique ID that links to the PEXA Workspace where the stamp duty amounts are shown as disbursements. Practitioners can elect to pay through existing arrangements with the relevant State Revenue Office if they wish.
PEXA will cater for off the plan or other concessions such as First Home Owner grants. 
PEXA provides strict controls over the visibility of data. Workspace participants may only see data entered by their Member organisation. From the point of view of the Financial Settlement Schedule PEXA allows all workspace participants to view the Financial Settlement Summary which advises of the total source and disbursement amounts. Visibility of detailed source and disbursement line items is limited to authorised users of the Member that entered the detailed line items.

Settlement is completed online through a secure process. Essentially, a practitioner will ensure that all monies are available in source accounts before settlement and sign off the settlement statement. At the time of settlement, PEXA will send messages for monies to move from source accounts, through the Reserve Bank of Australia and across to the destination accounts. 
If the purchaser is contributing funds from external sources, they will be able to deposit them into their Practitioner’s Statutory Trust Account.

If the Practitioner doesn’t have a Statutory Trust Account, then they can elect to use a PEXA Registered Source Account.

The PEXA Settlement process means that source funds will need to match the disbursement amounts, and once matched PEXA will confirm that settlement can proceed. This real-time checking should reduce failures due to shortfalls of funds. 
Yes. PEXA provides automated notifications to all transaction participants of key events that occur throughout the lifecycle of a transaction.
Yes, settlement can still fail when using PEXA, however, given the additional services provided by PEXA such as the Title Activity Check (TAC), Lodgement Verification (LV) and the population of the workspace from the Certificate of Title (CT), we expect to significantly reduce the risk of simple documentation errors.
Source funds are reserved within the Exchange Settlement Accounts held by the practitioner’s Financial Institution at the Reserve Bank of Australia. At the time of settlement, PEXA will send instructions for the funds to move from the source Financial Institution, through the Reserve Bank, and across to the destination Financial Institution.
Source funds must be from known sources and cannot be contributed from private accounts.
In a cash purchase scenario a purchaser will send funds to their conveyancer/lawyer’s Statutory Trust Account.
PEXA will allow users to link workspaces for the purposes of simultaneous or chain settlements.

For chain settlements, the first workspace must be completed (i.e. Successful lodgement and exchange of settlement funds completed) before the second workspace can proceed to settlement. PEXA will facilitate the movement of funds from the first settlement to the second settlement as per the instructions entered by the
Member within the Financial Settlement Schedule. If the first workspace was not able to successfully financially settle then the second workspace would not proceed to settlement.

For the initial Release, PEXA will allow a maximum of three workspaces to be linked for chain settlements. As volumes and uptake increases, PEXA will be likely to increase this maximum number.

For simultaneous settlement, a maximum of two workspaces can be linked for this purpose and PEXA will facilitate the simultaneous lodgement and settlement of funds. If one of the workspaces was unable to be lodged, both workspaces would not proceed to settlement. 
Once the Settlement Schedule is balanced, source funds must be verified and the Settlement Statement digitally signed. From this point, settlement will be ready to proceed at the scheduled date and time. If, at settlement, previously verified funds prove to be insufficient/less than verified, neither settlement nor lodgement of registry documents will proceed.

To rectify any shortfall, the workspace participant responsible for rectification of shortfall funds must make arrangements to provide the additional source funds required and verify that the funds are available. In this instance the Settlement Schedule will need to be re-signed by all participants

Remaining deposits held by Real Estate Agents could be used. It requires the Real Estate to transfer funds to a source account nominated by the representative Member prior to the settlement date and time.
 
Third party payments such as water rates, council rates or body corporate fees may be paid through PEXA where the third party allows payments to be made via electronic transfer.

PEXA will provide the ability to enter banking details when creating a disbursement for settlement, similar to internet banking processes today. This can include one-off payments such as private loans, personal loans or credit cards.
Up until the workspace locks at the agreed settlement time and date, the settlement can be rescheduled/stopped by any workspace participant. PEXA will issue a notification to workspace participants that Settlement has been stopped.

At the time of settlement, the workspace will lock and settlement cannot be stopped.
Practitioners must keep in mind that stopping and moving the settlement to another date/time may incur penalties in accordance with the contract of sale.

PEXA will offer face-to-face classroom and webinar training, running sessions both independently and through the peak bodies and our Sponsors.

There will also be online module-based training as well as a help desk and in-situ support. For example, PEXA can tell if you’re stuck at a certain part of the transaction and will automatically provide you a step-by-step guide explaining what to do next. 

PEXA has developed partnerships with four of Australia’s leading information brokerage and conveyancing software providers. These companies are PEXA Sponsors who will offer multiple pathways to become a PEXA Member.
Sponsors will work closely with PEXA to deliver the Exchange through integration with their existing conveyancing services.
 
While PEXA is Australia’s electronic conveyancing platform, there are other services required to complete a transaction such as land title or company searches. PEXA does not provide these.
Through our interaction with the industry there was a clear mandate to provide a singular portal for conveyancers and lawyers. Sponsors will integrate PEXA into their existing conveyancing services/ software, to ensure Sponsors existing software (if Sponsor software) and PEXA speak to each other.
No. Practitioners can also subscribe to PEXA directly if they choose. 
There are four PEXA Sponsors who will provide practitioners with integrated access to the PEXA platform – they include InfoTrack, GlobalX Information, SAI Global Property and Veda.
More information about their conveyancing services can be found here:
www.infotrack.com.au/news/econveyancing-portal/index.htm
www.saiglobal.com/property/Products/PEXA
www.globalx.com.au/e-conveyancing/hub
www.veda.com.au/insights/e-conveyancing-coming-soon

GlobalX Legal Solutions e-Conveyancing Hub
InfoTrack eConveyancing Portal
SAI Global Property
Veda 
The Sponsors key objective is to provide the greatest benefit to the practitioner market by providing an end-to-end solution and allowing data to be transmitted between applications which removes the need to rekey information.
By accessing PEXA through a Sponsor it will also mean that billing and customer account information can be consolidated. There will also be the ability to capture disbursements to ensure efficient billing of clients. 

Yes. You will not simply be given access to PEXA as a result of using a Sponsor platform. 

Any party that wants to take advantage of PEXA’s online lodgement and financial settlement capability needs to complete the regulated PEXA On-Boarding process which includes signing a Participation Agreement directly with PEXA.

While a Sponsor may guide you through the process, it is only PEXA that can register you as a PEXA Subscriber according to law. 

This is stipulated by the e-Conveyancing regulator, ARNECC, and ensures the upmost integrity of the system by guaranteeing all PEXA subscribers have been through the same, stringent process in establishing identification and credentials before being allowed to transact online.

Electronic settlements can only be booked through PEXA.

When accessing PEXA through a Sponsor, you will be routed to the relevant screen in PEXA when it comes time to book your electronic settlement. This functionality becomes available upon completion of Sponsor integration with PEXA during the first half of 2015.

No. PEXA is the only system providing online lodgement and financial settlement capabilities. PEXA has contracts with each State Government as well as all four major banks and a number of smaller financial institutions to provide this service to the market.

PEXA is the only authorised Electronic Lodgement Network Operator (ELNO) in the country.


Pricing has been confirmed and can be found by visiting Pricing Schedule

PEXA Ltd worked with Property Lawyers and Conveyancers across multiple jurisdictions to determine approximate cost savings and operational efficiencies attributable to the PEXA system.

The actual benefit derived from PEXA will vary from practitioner to practitioner as it is largely dependent on prevailing processes, operating scale, and the characteristics of the settlement. 

As a guide, PEXA analysis estimates practitioners stand to save between $120-$150 when completing a transfer through PEXA rather than through the traditional paper channel. This is based on time efficiencies as well as the removal of bank cheques and courier fees, and the elimination of physical attendance of settlement.  

PEXA operates on a pay-per-transaction model. There is no joining fee or cost per user.
Statutory lodgement fees will be passed through from the Land Registry at cost and recovered by PEXA on behalf of the relevant Land Registry upon completion of successful Instrument Lodgement.

The PEXA fee covers:

  • Document creation
  • Lodgement support services
    • Pre-population of registry data
    • Lodgement verification
    • Title activity check
  • Digital signature security
  • Document lodgement
  • Stamp duty verification
  • Electronic settlement booking
  • Financial settlement
  • Electronic third party disbursement

No. PEXA is the collection agent for the Land Registry Lodgement Fees and these fees are set and amended by the relevant Land Registry from time to time. Links to these fees can be found via the PEXA Service Charter.

A PEXA fee is charged based on the role of each party in the transaction. For example, if you’re acting for the outgoing proprietor in a property transfer, you will pay the transfer title fee. This can be passed on as a disbursement. 

Note: Both the Incoming Proprietor and the Proprietor on Title are subject to the title transfer fee.

Any amendments made to PEXA fees will be in line with the Pricing Policy available on the PEXA website.


The Verification of Identity requirements are listed in Schedule 8 of the Model Participation Rules. In particular, Items 6 & 7 of Schedule 8 deal specifically with a Power of Attorney situation. The provisions are as follows:

Item 6. Execution by an Individual as attorney.

Where a Client Authorisation or mortgage is to be executed by an Individual as attorney under a power of attorney, the Subscriber or the Subscriber Agent must:
a) Confirm from the [registered] power of attorney the details of the attorney and the Client Party; and
b) Take reasonable steps to establish that the Conveyancing Transaction(s) is authorised by the power of attorney; and
c) Verify the identity of the attorney in accordance with the Verification of Identity Standard.

Item 7. Execution by Body Corporate as attorney.

Where a Client Authorisation or mortgage is to be executed by a body corporate as attorney under a power of attorney, the Subscriber or the Subscriber Agent must:
a) Confirm from the [registered] power of attorney the details of the attorney and the Client Party; and
b) Take reasonable steps to establish that the Conveyancing Transaction(s) is authorised by the power of attorney; and
c) Comply with Verification of Identity Standard paragraph 5.
[Note: body corporate includes an incorporated association.]
 
Under the Model Participation Rules, the liability position for practitioners is largely unchanged from today. In fact, we should see a decrease in risk through the electronic channel due to its higher standards of security and checking. 
If a practitioner wishes to complete a transaction through PEXA but the lawyer/conveyancer on the other side of the transaction is not a PEXA Member, the non-Member will be invited to join and complete the transaction online. If they don’t take this option, the transaction will be completed manually through the traditional paper-based method. 
Yes. There will need to be changes to the standard contract, for example, the contract currently refers to payment via bank cheque. This will change with the launch of PEXA. We’re currently working with the relevant peak and statutory bodies to ensure these amendments are made in advance of Release 2. 

If you would like to use the ZipID VOI App for your client VOI requirements, you can register for free and download the App at www.zipid.com.au/app.  If your client prefers the convenience of being verified at home or work, ZipID's mobile representatives can complete the VOI on your behalf (Mon-Sat).  You can register for free to offer your clients this option at www.zipid.com.au

Please visit www.zipid.com.au for more information.

The Model Operating Requirements (MOR) state that PEXA must identify members of the network in a face-to-face interview. This must be completed during the on-boarding process by a PEXA Verification Officer or Account Manager, or by a participating verification of identity service provider such as ZipID or Australia Post.

Once transacting, it will be the responsibility of all Members to verify the identity of the client/s they represent as per the Model Participation Rules (MPR). Client verification of identity can be conducted by Members themselves or alternatively by a participating verification of identity service provider.

Practitioner responsibilities for client VOI are detailed in the Model Participation Rules on the ARNECC Website.

Additionally, retail providers of digital signature certificates may also require Members to complete verification of identity in a face-to-face interview as part of their digital certificate acquisition process.

Verification of Identity can be performed at any Australian consulate/embassy across the world. The same materials are required (passport/birth certificate/licence etc).
The bank signs a mortgage document in PEXA and certifies that they hold a mortgage on the same terms that has been signed by the customer. 

If you would like to use Australia Post to complete your Verification of Identity requirements as part of becoming a PEXA Subscriber (ie. you are a Conveyancer or Property Lawyer) you must print and complete the VOI application form prior to visiting an Australia Post outlet. You can download the Australia Post VOI application form here

If you are sending a client to complete a VOI with Australia Post then you must complete the Land Title ID form and they will contact you to get started. 

More information about Australia Post VOI services can be found here

If you would like to use the Australia Post Verification of Identity service for your client VOI requirements you will first need to register with Australia Post by completing the Land Title ID form. Once you have completed the form, Australia Post will contact you to complete the final steps. 

Please visit www.auspost.com.au for more information.

If you would like to use ZipID to complete your Verification of Identity requirements you must book an appointment through the ZipID website.

Currently, ZipID offer a 'come to you' service for a small fee in WA, SA, VIC and NSW metro and suburbs with plans to roll-out nationally. You can check the ZipID postcode coverage here

To book an appointment or find out more about Subscriber VOI services visit ZipID.com.au/pexa


There is no need for clients to ‘wet’ sign a land registry document in PEXA. A client must sign a Client Authorisation form with their Practitioner, or a mortgage document with a mortgagor, giving permission for the PEXA Member to digitally sign documents on their behalf. See Certifications within the Model Participation Rules for more details. 
Each jurisdiction will determine the requirements for a Practitioner to be issued with a digital signature certificate.
The Member organisation will then assign who from their organisation may digitally sign documents within PEXA, as per the jurisdiction rules. This will likely replicate current processes in the paper channel, ie. the Partner digitally signs all documents and the Clerk will complete the administration. All personnel assigned digital signing rights must be issued with their own unique Digital Certificate (ABN-DSC). 

We use Digital Certificates to electronically sign documents. They are a unique identifier of a sender in a digital form. While they are intended to provide the same security as signatures in the physical world, they are not a scanned image or picture of a sender’s wet ink signature. Rather Digital Certificates use public key cryptographic technology to secure information that passes from one computer to another over a network.

Data is encrypted by the sender when they sign the document with their Digital Certificate to prevent it from being read and understood. The data is then checked by the receiving computer using a digital certificate to verify the integrity of the data and to ensure that it was not altered in transit.

This technology is used by major banks and financial institutions and is how we make transacting online a secure method of information exchange

Yes, at least one Digital Certificate is required to use PEXA. PEXA must, in accordance with the Model Operating Requirements, use Gatekeeper approved Digital Certificates to allow Members to securely transact online. 

Digital certificates need to be periodically renewed. Digital Certificates are valid for three years and 6 weeks from the date they are issued and they must be renewed before the end of their validity period. This is the responsibility of the Digital Certificate holder. The Digital Certificate holder is also responsible for storing the Digital Certificate USB in a safe and secure location.

If you are planning extended leave, have lost your PEXA Digital Certificate, believe it to have been compromised or are investigating a PEXA Signer, you are required to contact PEXA immediately. PEXA can then suspend or revoke your certificate ensuring that security and integrity of the network remain.

No. Buyers and sellers sign a client authorisation manually to allow their Practitioner to sign electronically in PEXA on their behalf.

This depends on who you would like to sign your documents in PEXA. The first Digital Certificate will be allocated to your Digital Certificate Subscriber Manager. This might be the same person as your PEXA Subscriber Manager or someone else within your organisation who will be responsible for managing Digital Certificates. 

Subscribers need to store their Digital Certificates on an encrypted USB Token to adhere to the PEXA Security Policy. The Digital Certificate can only be accessed by using a dedicated PIN number so that your Digital Certificate remains secure. 

1. Ensure that Java is permitted on your computer, (please refer to the PEXA Standard Operating Environment for more information)

2. Plug the USB into the computer

3. Enter the dedicated PIN number

4. Once you have signed the document unplug the USB and store it in a safe place