September 4, 2018

E-Conveyancing: The PEXA Implementation Process

Here’s to the future………………………….

Finally, we’re catching up with the Kiwis!

Not on the rugby field any time soon but with electronic conveyancing.

Conveyancing as we know it is going through dramatic and drastic change. This is all due to advancements in technology.

E-conveyancing has been operating on a limited scale in Queensland for some time. We don’t know when the full package will be introduced but we know that this will occur in July, 2019 in New South Wales.

E-conveyancing is all made possible with the Property Exchange of Australia (PEXA). PEXA provides a secure website where all E-conveyancing takes place.

Whist there will always be some settling in issues, E-conveyancing is the way of the future and innovative and forward-looking legal firms will adopt the process with enthusiasm. We can see the benefits not only for us as solicitor but for buyers and sellers of real property.

Some of the advantages of E-conveyancing are:

  • E-transaction are registered faster in the titles office and with government agencies being notified of the transaction at the time of settlement.
  • The need for bank cheques (and fees of bank cheques) will no longer apply.
  • Funds are cleared faster and there is no need to wait for cheques to clear.
  • There is increased efficiency in the whole settlement process.

The cheque is in the mail!

The mysteries of cheques being in the mail and waiting on uncertain postal delivery are abolished.

At the time of settlement, the Seller’s funds are paid into the seller’s bank account as is the commission cheque for the Agent.

The result – happy Seller, happy Agent and satisfied and happy Solicitor.

Welcome to the brave new world. We’re excited and can’t wait for the system to be fully implemented.