What is PEXA?
PEXA stands for Property Exchange Australia. It was created to enable lawyers, conveyancers, settlement agencies, and financial institutions to work together and complete settlements online. PEXA allows financial documents to be completed electronically, track the progress of property settlements, and lodge documents.
How does PEXA work?
PEXA digitises financial documents and bank transactions, eliminating the need for paper documents and contracts, and saving the need to physically transfer these documents between clients, banks, conveyancers, and real estate agents. PEXA also authorizes settlements to occur online, which allows the transfer of documents and property to occur seamlessly, and for clients to see immediately results of their property transfer.
How much does PEXA cost?
Prices vary from service to service, and whether a singular title is required, or multiple, but the transparent payment prices and lack of upfront fees allows clients to see exactly what each service costs before they sign on. For more information, visit https://www.pexa.com.au/pricing
What are the benefits of PEXA?
PEXA benefits both settlement agents and their clients. For conveyancers and settlement agencies, PEXA allows financial documents and lodging land registrations to be completed efficiently and tracks the progress of these documents and the actions of other involved parties, such as financial institutions.
This simplifies the process for clients and makes transferring properties much easier. Documents can be lodged instantly, and with the streamlined tracking features, clients have greater transparency in the settlement process. There is no need for bank cheques or fees, so the transfer of money is efficient and easy.
PEXA benefits all of our clients, whether they are buying a new house, or selling their existing property. PEXA completes digital document checks, which streamline the settlement process, and is more efficient than manual processing. Instead of waiting for documents to be managed, PEXA’s systems allow settlement to happen on time, so our clients can move out or move in as quickly as possible. As documents are lodged instantly using PEXA, our clients have the peace of mind knowing that their property will be registered in their name, or their buyer’s name immediately after the settlement, instead of days or weeks, which can happen when documents are processed manually.
The new PEXA Key app allows property sellers and property buyers to track the settlement process from their phones, so there is no waiting around or ambiguity when it comes to settlement dates. The PEXA Key app is also a safe and secure way to communicate bank details with your settlement agent.