See a PEXA transfer in action:
How does settlement work in a PEXA transfer?
- Financial Settlement is completed online through a secure process. Property lawyers and conveyancers and Financial Institutions will ensure that all monies are available in the source account(s) prior to settlement. Funds need to come from a known source, such as your Trust Account, a participating Financial Institution or the PEXA Source Account.
- The funds exchange will then be completed between participating Financial Institutions through the Reserve Bank of Australia. PEXA will facilitate this process and keep participants updated on progress through the PEXA Workspace. The first step in the process sees funds reserved in the Exchange Settlement Account (ESA) of the Financial Institution providing the source funds.
- Once funds are reserved, documents will be submitted to the Land Registry for lodging. Upon receipt by the Land Registry, PEXA provides further instructions to the Reserve Bank of Australia for the funds to be exchanged across ESAs.
What are the key steps in a PEXA transfer?
The steps and sequence in a PEXA transfer depend on your jurisdiction and role in the transaction. Use the below help-cards to see the key steps involved: