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The Council of Australian Governments (COAG) created the Property Exchange Australia (PEXA) to improve the time and cost efficiency of property transactions.
Further, in July 2019, the NSW Office of the Registrar General ordered all property transactions must be processed online. Since then, NSW and then Victoria, Queensland, Western Australia and South Australia has been doing electronic conveyancing or e-Conveyancing through PEXA.
In addition, the government is expecting a 100% electronic system by 2021-2022, and other states are expected to adopt this digital move in the next few months. However, what is conveyancing? Moreover, what is PEXA and e-conveyancing?
What is Conveyancing
Conveyancing is the legal process of transferring ownership of a property from one person to another. It has five main stages: contract preparation, exchange, settlement, lodgement, and post lodgement. The traditional method requires different manual processes and a huge amount of paperwork. However, electronic Conveyancing or e-Conveyancing through PEXA, has simplified and streamlined the property exchange process, and reduced the workload.
What is PEXA
Formed in 2010, PEXA was originally called the National e-Conveyancing Development Limited. Through PEXA, all property exchange processes, including conveyancing, can now be completed online. This not only reduces paperwork, but also saves on costs. It also provides a faster, more convenient, and simplified conveyancing process. Further, lawyers, conveyancers, and financial institutions can also lodge documents and complete financial settlements through PEXA.
Traditional Conveyancing VS e-Conveyancing through PEXA
In the traditional paper method, parties involved in property exchange transactions must first prepare the contract documents. Then, they will prepare the documents for exchange – i.e. contracts, loans, land transfers, before they agree on the settlement. Once they have finalised the settlement documents, they also need to lodge the transfer to the relevant government bodies. Finally, after the lodgement process, they have to notify other government authorities of the transfer.
Figure 1: Traditional Conveyancing Process*
In contrast, e-Conveyancing allows for online property exchange transactions through the PEXA workspace. The PEXA workspace is an online shared area, where you can talk, transact, and exchange necessary documents for the property lodgement and settlement.
Through the PEXA workspace, you can now do the preparation, verification, settlement—including fund transfers—and lodgment of land transfers. In addition, subscribers can interact and share information in real time. Most importantly, you can track the settlement process through a special application (SettleMe).
Figure 2: e-Conveyancing through PEXA*
Optimised conveyancing through PEXA
Indeed, e-Conveyancing through PEXA has greatly reduced the time involved in manual property transactions. PEXA has also minimised time spent communicating with financial institutions, confirming loan funds, travelling to and attending meetings.
Further, PEXA has significantly lowered errors in paperwork, thanks to its automatic online document checker. PEXA’s document checker ensures that all information from the parties involved in the transfer match and are complete. Thus, it not only reduced the time needed to edit and correct documents, but also minimised delays in the settlement process.
Get the DBA Advantage and start e-Conveyancing through PEXA
The staff at DBA Legal Outsourcing Pty Ltd is PEXA Certified. Our experienced team of solicitors and paralegals are well equipped with the necessary skills to complete electronic exchanges and settlements of property transactions through PEXA.
We can also do the end-to-end process of e-Conveyancing for you. This includes preparing contract documents, creating the PEXA workspace and entering client (vendor/purchaser) data, scheduling of settlement date, and the electronic lodgement of the transfer.
Moreover, our team can liaise with your clients about pertinent documents and obtain the necessary forms and engagement letters prior to the contract preparation. We can also lead the actual settlement in the PEXA workspace for you.
Indeed, leveraging the skills and experience of our PEXA Certified team can give you more time to perform other and more complicated legal processes, and grow your business. So if you want to have a more convenient e-Conveyancing process, get the DBA Advantage.
DBA Legal Outsourcing Pty Ltd is an incorporated legal practice regulated by the Legal Profession Uniform Law (NSW). Liability limited by a scheme approved under Professional Standards Legislation.
Maann Sagun, MDC, DMP
Maann is a Communication Specialist and educator—masking as the Senior Content Writer of DBA. She is also a Digital Marketing Professional and specializes in SEO Audits. Maann has taken both her master’s degree in Development Communication, and bachelor’s degree in Mass Communication from the University of the Philippines.
Maann Sagun, MDC, DMP
Maann is a Communication Specialist and educator—masking as the Senior Content Writer of DBA. She is also a Digital Marketing Professional and specializes in SEO Audits. Maann has taken both her master’s degree in Development Communication, and bachelor’s degree in Mass Communication from the University of the Philippines.
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