PEXA – THE BIGGEST PROPERTY REFORM IN OUR LIFETIME
The introduction of electronic conveyancing in Australia is the biggest industry reform for the property sector since the introduction of the Torrens Title system.
PEXA is the world’s first online network that enables electronic lodgement and financial settlement of a property transaction. Please speak with one of your property conveyancers at KDD to determine whether your settlement meets the criteria to occur within the electronic workspace.
PEXA features a secure online platform that allows property transactions to be completed quickly and easily.
- Real time lodgement of Land Registry documents
- Fast access to cleared funds for property sellers
- Greater certainty of successful, on-time settlement
- No need for physical attendance at settlement
Below are some of the key benefits of PEXA:
Faster completion of cases through real time lodgement and settlement (including disbursements) in one simple transaction.
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.
Transactions will be completed online. This means you will no longer have to rely on your phone or fax to complete a transaction.
PEXA dramatically improves the 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).
KDD 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.
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.
Safe and Secure
Only certified Property Lawyers or Conveyancers like KDD Conveyancing 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.
Through PEXA you have visibility through each stage of your transaction and are able to see the progress of all parties, including the banks. This means that KDD Conveyancing can give clients accurate and up-to-date advice and have the confidence that settlement will proceed as scheduled.