What is a PEXA Settlement?
PEXA stands for Property Exchange Australia.
In 2008 electronic or e-conveyancing was added to the Council of Australian Governments (COAG) agenda and in 2010 PEXA was formed to provide a national e-conveyancing platform for the property industry in Australia.
This led to The Electronic Conveyancing (Adoption of National Law) Act 2012 (Vic) becoming law in 2013. Shortly after this Land Victoria and the Commonwealth Bank of Australia completed the first property transaction via a PEXA Settlement in the same year.
Before PEXA, property settlements in Australia were done in person using hard copy paper contracts and payments were made by exchanging cheques. PEXA settlement changed this by providing a digital platform in which property settlements could be completed online, dramatically improving efficiencies in the industry.
Now 97% of all property transactions are completed electronically in Victoria via a collaboration between Land Use Victoria (LUV), Victorian Land Registry Services Pty Ltd (VLRS) and PEXA. This means that the conveyancing process can be completed online through PEXA by creating a shared workspace and communicating with parties electronically.
As at the start of 2023, more than 8 million transaction have been completed, and over 1.5 trillion dollars has passed securely through the PEXA platform.
Benefits of transacting with PEXA Exchange
- Fast - Fast Lodge land registry instruments online, so you no longer need to attend settlement in person.
- Efficient - Say goodbye to bank cheques. Settlement funds are transferred digitally making it fast and more secure.
- Transparent - Track progress of your transactions and enjoy visibility of all parties’ actions in your shared workspace.
What can we do in PEXA Exchange?
- Transfers
- Mortgages and discharge of mortgages
- Caveats and withdrawal of caveats
- Encumbrances and discharge of encumbrances
- Priority notices
- Transmissions
- Transmission direct to beneficiary
- Survivorships
- Leases
- Financial settlement
For more information see the PEXA website at https://www.pexa.com.au/
Is PEXA Safe?
The financial industry in Australia is heavily regulated by the Australian Government and PEXA is regulated by the Registrar in each State where it is active.
The Australian Registrars’ National Electronic Conveyancing Council (ARNECC) was established to facilitate and coordinate a national approach for the development and ongoing maintenance of the regulatory framework for e-conveyancing in Australia.
Under the Electronic Conveyancing National Law (ECNL), ARNECC has determined Model Operating Requirements (MORs) and Model Participation Rules (MPRs), with which Electronic Lodgement Network Operators (ELNOs) and their subscribers must comply.
To ensure the integrity of the network, ARNECC has developed a regulatory framework, under which PEXA operates. Industry safeguards include the Participation Agreement, Verification of Identity (VOI) and Digital Certificates.
PEXA Key
PEXA Key is a free mobile app that gives you the ability to watch your PEXA settlement happen in real time.
It can remind you of key dates, be used to upload banking information, and provides helpful articles and tips on what each stage of the settlement process means. It also provides checklists to help make sure you take care of everything that you need to.
PEXA Integration
Our conveyancing system at Easy Online Conveyancing integrates with the PEXA settlement platform to allow the sharing of data and automatic creation of PEXA workspaces. This creates a more accurate PEXA settlement workspace for our clients, and gives our conveyancers more time to assist you with your matter.
Our Verification of Identification (VOI) is integrated into our conveyancing software and can be completed online on a mobile device in the comfort of your own home. The platform is highly secure and is protected by two-factor authentication.
Our document management system for client forms is also integrated into our conveyancing software system which provides the ability to complete your conveyancing documents online, also with protection of two-factor authentication.