What is PEXA?
The PEXA platform, for the electronic lodgement of documents and secure payment of settlement funds, is a world-first.
This includes:
• preparation of electronic dealings and verification of lodgment acceptability
• digital settlement of real property transactions, including payment of settlement monies, duties, taxes and all other disbursements
• electronic lodgement of dealings to the appropriate Land Registry in each state or territory
When do we charge service fee?
Our fees are payable at settlement and disbursed from settlement proceeds.
When and How to transfer funds?
Conveyancer will advise payment direction when sending settlement statement a week before settlement.
What happens on property settlement day?
All involved parties to the transaction get together and make it happen online. You will receive a call and confirmation email when settlement completion. Then you need to contact your agent to pick up keys.
Do you need to be present on settlement day?
No, you don’t need to be present on the day of settlement as settlement happens on PEXA. Your conveyancer will arrange for you to sign and exchange documents.
When is settlement time?
It is normally scheduled at 11:30 and will usually be completed within an hour.
All parties must complete tasks to make workspace in Ready status at the scheduled time for settlement to begin. If the workspace is not Ready then it will be automatically rescheduled to the next settlement time in 30 minutes. Settlement will continue to roll to the next time slot until workspace is Ready.
Your conveyancer will supervise the workspace and get in touch with party to complete outstanding tasks.