In recent years the acronym PEXA has become synonymous with conveyancing and property dealings, but what is it and what does it mean for you?
PEXA stands for Property Exchange Australia and was originally formed in 2010 by the Council of Australian Governments.
Until then the conveyancing process had been laborious, inefficient and entirely paper based.
The goal was to transition to a more efficient completely digital system by providing the Australian property industry with a national electronic conveyancing platform.
Today PEXA provides its subscribers with an electronic lodgment network to lodge documents with the Land Registry and complete financial settlements electronically.
The following transactions are currently available in Victoria:
- Mortgage / Discharge of mortgages
- Caveat / Withdrawal of caveats
- Survivorship applications
- Priority notice, withdrawal and extensions
- Administrative notices
- Replace lost or destroyed titles
- Transfer mortgaged leases
- GAIC Notices
- Restrictive covenants
- Section 173 Agreements
One of the key features with regard to all the above transactions is the facility for the preparation of documents electronically and the ability for verification of lodgment acceptability to be done in advance.
This has resulted in the minimisation of errors which would have previously derailed paper settlements and caused lengthy delays in lodgment.
Since the introduction of PEXA we have witnessed a substantially higher rate of settlements and application lodgments being successful.
There is also the added convenience of being able to pay stamp duty, lodging fees and disburse funds as required instantly.
What this all means for you is conveyancing and property transactions are now faster, more cost effective and more efficient than ever before.
Please contact on (03) 9822 8588 or email@example.com for enquiries in relation to Stamp Duty, Conveyancing or other Property Law matters.