Electronic PEXA Settlement System to Hit the Perth Market
The long-awaited digital exchange program, PEXA, is expected to reduce conveyancing times and costs by creating a unified system that will be easily accessible to sellers, banks, title registry offices, and of course, conveyancers.
Set to role out as a compulsory settlement platform in Western Australia by December this year, some conveyancing firms, such as Vicki Phillipoff Settlements, can already offer this service to property owners.
What is PEXA?
PEXA is a new online property transaction system that makes receiving settlement funds quicker than ever. e-Conveyancing minimises the manual processes and paperwork associated with property settlements, as it allows conveyancers to lodge documents and complete financial settlements electronically.
This real-time document lodgement system ensures buyers can have their names lodged against landgate straight away, however, a buyer will incur an additional PEXA fee of $106.26, plus buyers will likely incur a $39 fee each, as they will need to get a 100 point identity check.
The Benefits of PEXA
PEXA comes with an array of benefits to both sellers and buyers.
Benefits to Sellers
One of the most notable advantages of using PEXA for sales is the quick turnaround time for funds to be received. In the past, a seller would receive a bank cheque at settlement that would take 3-5 days to clear. With PEXA, sellers can expect to receive the money from their sale in their account within 24-hours, however they will be paying an additional PEXA Fee of $106.26 for this convenience.
The settlement period could also potentially be reduced from the traditional 30-60 day period down to five or seven days, depending on each sales’ specific circumstances.
With less manual paperwork required, PEXA eliminates the need to physically obtain and sign transfer paperwork, as it’s all lodged in one simple, electronic system.
Benefits to Buyers
When using PEXA, you can rest assured your settlement should be finalised as scheduled, ensuring you’re able to take ownership of your new property in the shortest possible timeframe.
Buyers will also have more peace of mind as their settlement documents will be lodged straight away, and won’t be delayed by a few days like they often do when they’re getting manually lodged.
How We Can Help
At Vicki Philipoff Settlements we can either complete your settlement manually or by using the PEXA system. Each of these methods have their benefits, however, we’re fully-equipped to make manual transactions as simple and straightforward as PEXA’s online e-Conveyancing approach.
If you require any further information about either our manual settlement process or the benefits of using PEXA, contact us today for more information.