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BConveyancing.co is a division of wRIGHT LAW ILP. © 2023 BConveyancing.co
BConveyancing.co is a division of wRIGHT LAW ILP.
© 2023 BConveyancing.co
PEXA
At BConveyancing.co, we understand that the landscape of conveyancing is continually evolving. As of 1 July 2019, all standard conveyancing transactions in New South Wales must be effected electronically. In Queensland, the eConveyancing mandate commenced on 20 February 2023. These changes have been in the works for some time, and savvy property investors may already be familiar with the online lodgement and financial settlement platform, Property Exchange Australia Limited (PEXA). If you are new to this process or have any queries, rest assured that PEXA offers a secure, quick, and cost-effective solution for all parties involved in property transactions.
eConveyancing
The traditional conveyancing process often involved a heavy paperwork load, which invariably led to occasional errors. These errors not only took time to rectify but also added to the overall cost. With PEXA’s online document checks, the risk of such errors is significantly reduced. Thanks to digital processing, financial transfers are faster, and the process of lodging ownership documents is streamlined.
The PEXA Process
If you are buying or selling property, the PEXA process comes in after contracts have been exchanged. The first step involves setting up a workspace accessible to all relevant parties. Then, the transaction details are documented and verified. At a pre-set time, PEXA executes the transaction, with the bank releasing funds almost instantaneously. Upon funds disbursement and registration of the documents, the transaction is complete.
Cybersecurity and PEXA
Cybersecurity is a valid concern in today’s digital age. PEXA’s cybersecurity measures include creating new users in an “inactive” mode, adding timestamps to monitor workspace updates, and introducing an additional verification layer at sign-in. While no system can guarantee absolute security, PEXA’s electronic settlement and lodgement process for real property transactions represents a significant advancement for property buyers and sellers.
Do you want to know more about eConveyancing? Our lawyers at BConveyancing.co are here to answer your questions and to ensure you have a smooth, secure, and efficient property transaction experience.
