E-Conveyancng – what is it?

Nearly all conveyancing transactions in NSW are required to be completed electronically.
You may have heard people mention that their conveyance is settling in ‘PEXA’ or that it is an ‘electronic settlement’.

What is it?

e conveyancingIt’s a digital platform that allows parties to transact certain land titles documents/dealings electronically and applicable documents are checked, lodged and registered in real time with NSW Land Registry Services (formerly LPI). If a property settles via PEXA, the same process follows, with the added bonus that settlement funds are disbursed immediately following settlement meaning that most Vendors are receiving funds quicker than in the old paper settlement model.

What does it mean for parties to the transaction? No longer do all of the parties representatives need to be in the same place at the same time and hand over cheques and documents. It is likely vendors will receive their money quicker following settlement as money is transferred into their nominated bank account following settlement (rather than waiting for bank cheques to clear). The rate of errors is reduced as the platform provides a process where documents are checked before going to NSW Land Registry Services. This increases the likelihood of settlements settling on time.

A lawyer or conveyancer must be registered with PEXA to be able to digitally transact. Oxley Law is a registered PEXA subscriber.

Purchasers and vendors alike are now able to access PEXA Key which provides a secure alternative to email. Vendors can use this app to securely provide their bank account details to their lawyer or conveyancer for the deposit of funds owing to them from their sale.

If you’re keen to find out more or are about to list your property on the market and wish to explore the opportunity of settling your matter via the electronic lodgement platform, Oxley Law can assist. Get in touch today!