October 2018 | Margaret Rouen
“From 1 July 2018, standalone transfers, standalone caveats and Non-Authorised Deposit-taking Institution discharges, mortgages and refinances are moving online in New South Wales” – NSW Land Registry Services.
PEXA stands for Property Exchange Australia Limited. It is the world’s first online lodgement and financial settlement platform. PEXA was formed in 2010 to fulfil the Council of Australian-Governments (COAG) initiative to provide a unified, national e-conveyancing platform for the Australian property industry.
How does it work?
PEXA works by providing an online platform where a buyer’s solicitor/conveyancer can set up a secure online ‘workspace’ (a new workspace should be created for every new property transaction. In this typical workspace, there are generally a number of participants including Representative Subscribers and Principal Subscribers. Representative Subscribers act on behalf of others (e.g. the buyer or seller) and Representative Subscribers act for themselves.
Currently, Representative Subscribers can include financial Institutions and government bodies which may be privy to a specific property transaction. All relevant information and related documentation can be shared and signed in this workspace. Information shared in a PEXA workspace is verified against the land registry system. Similarly, money is transferred electronically within moments of settlement occurring. All subscribers are then notified when the money has been successfully transferred. A simplified flow chart of the process can be seen below.
Harris Freidman Lawyers is a PEXA certified firm. Professional advice should be sought before entering into any property transactions. If you would like more information please email Scott at firstname.lastname@example.org or Jonathan at email@example.com or call us on 02 9231 2466.