How do electronic settlements with PEXA (Property Exchange Australia) work?

Electronic conveyancing for Melbourne and throughout Australia is undergoing a evolution. Instead of the traditional paper route of conveyancing transactions, the system is starting to make the switch to digital transactions to give clients a faster and more efficient services. It’s also much easier for people who deal with the backend of legal transactions and the corresponding paperwork to exchange pertinent information.

Defining Electronic Conveyancing

Conveyancing is a broad term that refers to transferring ownership of a property from one person to another person. It includes the actual transfer, preparation and verification to have the property ready to transfer, lodgement of important legal documents, searching for the property’s title and arranging for any settlements. If you are searching for an electronic conveyancing lawyer to help you through this process, then this is where the team Wollerman Shacklock Lawyers excels.

Defining PEXA The Council of Australian Governments (COAG) formed PEXA in 2010 with the goal of creating a seamless national econveyancing platform for the Australian property market. PEXA was to be the main support as the conveyancing sector started to make the switch to digital.

PEXA is an extensive network of electronic conveyancing lawyers; including Wollerman Shacklock Lawyers, financial institutions and conveyancers. PEXA helps to speed up the conveyancing process by connecting all of these entities in one centralised platform. Five Australian states currently have live econveyancing, and econveyancing lawyers can carry out all of the traditional steps involving the transfer of property in a seamless and faster process.

Additionally, it gives prospective homebuyers the chance to search PEXA’s extensive network of electronic conveyancing lawyers to find the best entity to help them through this process. Once they choose a conveyancer, the conveyancer can use PEXA to search with the home buyer’s or home seller’s financial institution, perform title searches, transfer funds and lodge any documents to ensure a smooth settlement process.

All payments are digital, and there are a host of online document checks to prevent human errors.

Additionally, the lodgement of the documents is automatic and instantaneous. This helps to speed up the conveyancing process in order for your property to reach a faster settlement.

Benefits of Electronic Conveyancing for Melbourne based people There are several exclusive benefits that come with electronic conveyancing. Now that you know what it is and what role PEXA plays in the process, you can take a look at the biggest benefits of this evolutionary process.

  1. Faster Processes – All of the paperwork is online in a central location. This makes it faster to fill out with fewer errors, faster to lodge and faster payments. You won’t have to wait days for cheques and paperwork to clear.
  2. Less Paperwork – Traditional paperwork has a high margin for error and delays. Digitising this paperwork with automatic error checks helps to get it correct the first time. There are no postage fees or multiple documents to keep track of.
  3. Track the Process- PEXA has the SettleMe app that allows them to track their settlement’s progress via SMS messages. It also helps to give them a better understanding of the entire conveyancing process.

Contact Wollerman Shacklock Lawyers for your Electronic Conveyancing needs

If you’d like to take advantage of electronic conveyancing in Melbourne or in the states where PEXA is currently active and you need an electronic conveyancing lawyer, contact the Wollerman Shacklock team. We’re happy to help move the process along for you.