PEXA and online Conveyancing & Settlements
Pexa essentially is an online electronic lodgement system where property sales, purchases and transfers can be completed, along with document and dealing registrations.The introduction of Pexa has been revolutionary in the way which property transactions are dealt with and our team rave about.
We asked our Licenced Conveyancer Amy what she thought were the best advantages of a firm using Pexa and what it means to clients – these were her top points:
- Less paperwork for our clients to sign, therefore less correspondence which can possibly go missing in the mail as we can digitally sign on behalf of our clients;
- No more cheques and waiting on clearance time. The funds are electronically transferred within 10 minutes of settlement and made available to our clients and other parties immediately;
- The transfer of title into the new owner’s name is registered immediately with the NSW Land Registry Service and there is no need to wait days after settlement for the paper transfer to be lodged;
- Cheque details required for settlement can be entered or amended up to an hour before settlement, whereas, previously, it all had to be done via paper and email sometimes up to three days before settlement;
- If settlement is not affected at the due time, due to a delay by any party, it will automatically move to the time half an hour later, rather than us having to call all parties involved to reschedule a time; and
- Last but not least, my favourite is that settlement won’t/can’t take place unless the ‘workspace’ balances – this means that there are no last-minute issues with figures or cheques being incorrect and our clients are much more secure on the day of settlement.