Russell Kelly & Associates · Norwest NSW
PEXA
How Your Property Settlement Works
When you buy or sell a property, the final and most important step is settlement. This is the exact moment when ownership officially transfers from the seller to the buyer, and the money changes hands.
We are fully integrated with PEXA, allowing us to conduct fast, secure electronic property settlements across NSW, QLD, SA, ACT, and VIC.
Historically, settlement required lawyers, conveyancers, and bank representatives to physically meet in a room to swap paper land titles for physical bank cheques. Today, we handle this entirely online using a secure platform called PEXA (Property Exchange Australia). Read more about Certificates of Title and eConveyancing in NSW.
What is PEXA?
PEXA is an electronic conveyancing platform used by lawyers, conveyancers, financial institutions and other authorised participants to complete property transactions electronically. It provides a shared online workspace in which documents can be prepared and lodged, settlement funds can be transferred and participants can coordinate the settlement process.
The Benefits of Electronic Settlement
Electronic conveyancing has removed many of the manual processes associated with traditional paper settlements.
- Electronic transfer of funds: Settlement funds are transferred electronically rather than through physical bank cheques.
- Faster access to sale proceeds: Sellers can generally receive cleared settlement funds more quickly than under the traditional bank-cheque process. The timing of funds reaching a nominated account can depend upon the financial institution.
- Electronic lodgment: Land registry documents can be lodged electronically as part of the settlement process.
- Shared workspace: Lawyers, conveyancers and participating financial institutions can work within the same electronic workspace and monitor the progress of the transaction.
- Automated checks: PEXA incorporates verification and title activity checks designed to assist with the electronic settlement and lodgment process.
What Do You Need to Do?
We manage the legal and electronic conveyancing aspects of the settlement process on your behalf. Depending upon your transaction, this may include:
- creating or participating in the electronic settlement workspace;
- completing the required Verification of Identity process;
- obtaining the required Client Authorisation;
- preparing and reviewing relevant electronic land registry documents;
- coordinating with the other party’s representative and participating financial institutions; and
- preparing for and completing electronic settlement.
We will advise you about any documents, identification, funds or banking information required from you before settlement.
Your only job is to ensure your bank has your paperwork ready (if you are borrowing) or to provide us with your accurate bank details (if you are receiving funds from a sale).
Cyber Security and Property Settlements
Property transactions can be targeted by email fraud and attempts to redirect settlement funds. Clients should take particular care with emails or messages requesting changes to bank account or payment details.
We will provide instructions about the appropriate method for communicating sensitive banking and settlement information during your transaction. If you receive an unexpected request to change payment or banking details, contact our office using independently verified contact details before acting on the request.
Property Settlement and Conveyancing
Electronic settlement is one part of the broader conveyancing process involved in buying or selling property.
Learn more about our Property Law and Conveyancing services.
Learn more about Verification of Identity for property transactions.
Speak to Russell Kelly & Associates
If you are buying or selling property and require assistance with conveyancing and electronic settlement, contact Russell Kelly & Associates to discuss your transaction.