What is PEXA and How Does it Work?
With each passing day our world becomes more and more a digital one. With online transactions rapidly becoming the norm, these days most of us shop online, book a table at our favourite restaurant online and even have takeout delivered to our door just by tapping into an app. Crazy I know!
So it was only a matter of time until property conveyancing went online and that era has now arrived in the form of Property Exchange Australia Limited (PEXA). As of 1 October 2018, most transactions in real property in Victoria can only be conducted through PEXA. These transactions include:
- Land transfers;
- Registering and discharging mortgages;
- Lodging and withdrawing caveats;
- Lodging and withdrawing priority notices;
- Transmission of title to an executor of a deceased estate;
- Transmission of title to the survivor in a joint tenancy; and
- Financial settlement.
PEXA streamlines the conveyancing process and helps to minimise errors that may result in delays to settlement through automatic document checks and processes that will not allow a conveyance to proceed until all requirements have been completed.
PEXA is also connected to the Land Titles Office and the State Revenue Office which allows for seamless and immediate transfer of title and payment of stamp duty and other fees at settlement.
This process is also aided by the fact that all parties to a transaction, vendor, purchaser, mortgagees and everyone are all joined to the same “Workspace” within the PEXA platform and are able to communicate and transact effortlessly.
Where to now?
So welcome to this brave new world of conveyancing. All you need now is someone who understands the PEXA system as well as everything else you need to know to deal with property safely and with confidence. That is where we come in.
Callea Pearce Lawyers are your conveyancing law experts and PEXA specialists. Our firm has been doing conveyancing in Victoria for many years with many happy clients to our name. We were also early adopters of the PEXA system and our team members know the system inside and out.
Don’t trust the sale or purchase of your property to just anyone, call the team who are both experienced and up with the times. Call us on (03) 9743 1333.
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