AS OF 1 OCTOBER 2018, Victoria has moved one step closer to a completely digital conveyancing process as all property settlements (with some exceptions) are required to be completed via PEXA (Property Exchange Australia).
What is PEXA?
PEXA is an online platform accessible to solicitors, conveyancers and financial institutions.
It replaces the manual process of attending a property settlement, and instead allows parties to a transaction to agree upon a settlement time log in and upload relevant documents and funds.
When all documents and funds are uploaded to the PEXA workspace, PEXA verifies and processes the supplied material at the time of settlement; and sends confirmation once settlement is complete. The process generally takes less than 30 minutes.
What are the benefits?
The main benefits of PEXA are that it saves time and is more efficient.
PEXA saves time, as parties can upload the documents any time prior to settlement – rather than having to physically attending settlement to exchange documents.
It is more efficient, as parties can adequately prepare for settlement and funds from settlement can be paid almost immediately to the vendor.
Bottom Line: Overall, the shift to PEXA will result in a more streamlined process; and represents a shift to a digital future in conveyancing.
Disclaimer: If you think a similar situation may apply to you, then you should contact us for detailed legal advice relating to the particular facts and circumstances of your property or lease agreement. This article is not intended to provide such detailed and specific advice. And, you should not act on the basis of any matter contained in this article without first obtaining more comprehensive professional advice.