When you buy and sell, transfer or deal with property title in NSW you may hear the word ‘PEXA’ toss around a lot. But what is PEXA you may ask?
Property Exchange Australia (PEXA) is Australia’s first digital property settlement system that has changed the way we deal with property. Gone are the days of paper documents and bank cheques. Property settlements all happen electronically now which has allowed for a faster, simpler and more efficient process of buying and selling property.
Since 1st July 2019, it became mandated that the transfer of property must be conducted electronically in NSW. Since this time, more and more types of dealings with title have become available to be lodged electronically, such as caveats, notice of death and leases. So chances are, if you want to deal with property title in NSW, you will do so through the PEXA system.
The benefits of the PEXA system are vast. As we no longer need to lodge paper documents, there is less paperwork for vendors and purchasers to fill out and sign. These documents are now created electronically on your behalf by your solicitor or conveyancer, and lodged directly to the Land Registry. This allows for a more efficient process, with less delays due to forms being incorrectly filled out or signed. It also eliminates the need to attend in person settlements and the requirement to post documents. As documents are lodged electronically with the Land Registry on settlement, the property transfers into the purchaser’s name immediately allowing greater peace of mind to clients. Additionally, as there is no need for cheques, all funds are distributed from the purchaser’s financial institution or solicitors/conveyancers trust account through the PEXA system and the sale proceeds are processed digitally as cleared funds into the vendor’s nominated account usually within 1 hour of settlement.
If you would like to know more, head on over to the PEXA website – https://www.pexa.com.au/buyers-sellers