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E-Conveyancing

e-Conveyancing or Electronic Conveyancing  is the term used for Settlements and transactions conducted electronically.

 

From 1 May 2018,  electronic eligible property settlements in Perth and throughout Western Australia have to be lodged electronically using PEXA.

 

We support the new innovation of e-Conveyancing in the real estate property industry.  We are committed to provide an excellent conveyancing service to our clients and to keep up to date by improving our knowledge with any regulation changes to the ever changing industry.

 

Roleystone Kelmscott Settlements have the skills and expertise to guide you through an electronic settlement.

 

 

 

What is PEXA?

PEXA stands for Property Exchange Australia. PEXA is Australia’s online property exchange network and enables users to lodge documents and complete financial settlements electronically.  PEXA is both the company that provides the electronic platform used for e-Conveyancing and the electronic platform system itself.

PEXA was formed in 2010 to deliver a single, national digital conveyancing solution to the Australian property industry under a Council of Australian Governments’ (COAG) initiative.

 

 

How does PEXA work?

PEXA registered  Settlement agents can settle properties electronically for their clients.

Some of the key points of an electronic settlement with PEXA include:

    • All clients must sign a client authorisation confirming their approval to use PEXA and after this there will be no other PEXA documents to sign.
    • All required documentation will be scanned and uploaded to PEXA by us.
    • PEXA automatically checks that online documents have been correctly filled in.
    • Our staff review and check documents and financial information uploaded to PEXA prior to settlement. This allows them to pick up any errors and have them corrected to avoid delays in settlement.
    • Our staff sign the documents once they are satisfied, thereby confirming settlement can proceed.
    • Settlement occurs online and can be completed from 10.00am (whereas a manual paper settlement cannot start before 11am).
    • It can take from 20 – 50 minutes for your property settlement to take place and funds disbursed accordingly.

 

 

What are the benefits to e-conveyancing?

There are many advantages to settling your property purchase or sale through PEXA.
Greater Certainty

E-conveyancing helps to streamline the conveyancing process and reduce the manual processes.

PEXA’s automatic online document checks reduce the risk of errors and provide greater certainty that your settlement will be completed on time.

Get Your Money Faster

There is no need to wait for bank cheques to clear and you do not need to pay a bank cheque fee.

 

With PEXA sale proceeds are processed as cleared funds and sellers can have funds transferring via Electronic Funds Transfer (EFT) same-day.

Peace Of Mind

When conveyancing is done manually, documents registering your ownership can be lodged days, or in some cases weeks, after settlement.

With PEXA these documents are lodged instantly, so buyers are instantly registered with Landgate as the owners of the land, giving you full peace of mind.

Who Owns PEXA?

Property Exchange Australia Ltd is a company limited by shares with key shareholders including:

    • Victorian, New South Wales, Queensland and Western Australia Governments
    • The four Major Banks
    • Macquarie Capital
    • Little Group
    • Link Group