What is e-conveyancing and PEXA?
Written by Dominic Doan, Property and Commercial Lawyer
4th March 2020
Electronic conveyancing eliminates the manual process and amount of paperwork required to settle a property. PEXA (Property Exchange Australia) is an online settlement platform allowing solicitors, conveyancers and other related parties to settle online by exchanging and lodging documents with the relevant land registry offices. PEXA does not eliminate the conveyancing process. Instead, it acts as a virtual settlement room to settle properties and lodge documents electronically.
What happens in the PEXA platform?
The PEXA platform provides solicitors, conveyancers and other professionals the convenience of:
• Preparing and electronically lodging land registry documents;
• Allowing all parties to agree on the balance of purchase funds and disbursements;
• Allowing settlement to be effected instantaneously on the day and time agreed upon; and
• Allowing all land registry documents to be lodged electronically for registration.
What buyers and sellers have to do?
As a potential buyer or seller, you will need to provide your solicitor or conveyancer with:
1. A signed Client Authorisation Form; and
2. A Verification of identity (VOI) Document – you can also be verified by your conveyancer or solicitor.
Should I choose PEXA when selling or buying?
PEXA is currently not mandatory in Queensland unlike the Southern States in Australia. This means you can settle your property the traditional way by attending settlement with cheques and handing over the land registry documents etc.
However, traditional settlement process has it’s cons. Many issues can arise such as cheques not being accepted on the day due to incorrect details, settlement agents being delayed, transfer forms being lost and the list goes on! PEXA alleviates the issues that often occur with traditional settlements by allowing the transaction to occur in a secure online platform. As a bonus, registration of title happens immediately and sellers also get paid in real time.
At MCL Conveyancing we are always at the forefront of embracing new technology. We believe in adopting and adapting to a changing world especially when it provides tangible benefits to our clients by way of a more efficient, streamlined and cost effective service.