How can PEXA help you?
Fast, Safe, Efficient
For electronic conveyancing (and therefore PEXA) to succeed, it was critical that each stakeholder group benefited in some way. When designing the system, PEXA Ltd consulted with representatives from the Land Registries, Banks and Financial Institutions, Property Lawyers and Conveyancers and Peak Bodies such as the Australian Bankers' Association (ABA), the Australian Institute of Conveyancers (AIC) and the Law Council of Australia (LCA) to deliver a robust solution that offered tangible benefits across the entire industry.
You can view the benefits of PEXA to property buyers and sellers here
Below we highlight some of these key areas however to truly see the benefit, click here to view an example of a transfer using PEXA.
Efficiency
Faster completion of cases through real time lodgement and settlement (including disbursements) in one simple transaction.
Preloaded Information
PEXA has direct access to Land Registry data and will pre-load much of the information you need meaning you no-longer need to write down or re-key information.
Control
Transactions will be completed online. This means you will no longer have to rely on your phone or fax to complete a transaction.
Customer Service
PEXA dramatically improves your customer service offering by providing more up-to-date information, the ability to easily arrange or re-book settlement online and provide clients access to the proceeds of the sale more quickly. In fact, instead of handing them a cheque, the monies will be deposited directly into their nominated account within 24 hrs of settlement (subject to the receiving Financial Institutions policies and systems).
Flexibility
Property Lawyers and Conveyancers don't have to be in their office or at an appointed place to settle a property. PEXA automatically triggers lodgement and settlement at the specified date and time, provided all steps have been completed. The new process will allow practitioners to settle multiple properties at the same time anywhere in Australia, as long as they have the relevant state-based qualifications.
Greater Certainty
Did you know that just over 20% of property settlements are delayed due to errors? PEXA's pre-lodgement verification ensures all participating parties have accurate and matching information before proceeding to settlement dramatically reducing the risk of delayed or failed settlement.PEXA assumes responsibility for any loss incurred (subject to conditions set out in the Participation Agreement) when a dealing prevents registration or takes priority, giving you and your clients greater certainty. Learn more about PEXA's Lodgement Gap Cover
Safe and Secure
Only certified Property Lawyers or Conveyancers can use PEXA to complete a property transaction. To make sure this is the case, PEXA Ltd checks the qualifications and identity of the Subscriber before providing access to the system. As a result, through PEXA you can have complete confidence that the party on the other side of the transaction is exactly who they say they are.
More Transparency
PEXA Subscribers have visibility through each stage of their transaction and are able to see the progress of all parties, including the banks. This means that Property Lawyers and Conveyancers can give clients accurate and up-to-date advice and have the confidence that settlement will proceed as scheduled.