In the hope of delivering a national electronic conveyancing solution to the Australian Property Industry, the Council of Australian Governments created Property Exchange Australia Limited (“PEXA”) in 2010. PEXA allows for the exchange of property, online, and removes a large portion of the manual processes and paperwork associated for the Land Registries, Financial Institutions and Practitioners in doing so.
PEXA is an online system that provides the ability for professionals to perform lodgements and settlements including new mortgages, mortgage discharges, transfer of ownership, settlement, caveats and notices. The benefits derived through engaging with PEXA include reduced costs and time associated with lodging documents or performing settlements as well as greater transparency throughout. Notably, thesystem should remove many errors and failures in performing land transactions providing overall greater efficiency in the process to the benefit of many clients.
PEXA will be fully functional for NSW in October 2014 with other states to follow through to the end of 2015. There will also be an upgrade to the system to follow later which will provide the ability to perform the additional functions: notice of death, changing of names, and transmission applications. As of this moment, the big four banks as well as Suncorp, Bankmecu and Teachers Mutual Bank have joined the PEXA property systems.
Matthews Folbigg will be using PEXA’s new online systems to bring about cost savings and ensure more secure, efficient and guaranteed services for our clients.
For more information on PEXA, click here (link is external).
If you would like to discuss this topic further, you should contact our property team at Matthews Folbigg on 9635 7966.
DISCLAIMER: This article is provided to clients and readers for their general information and on a complimentary basis. It contains a brief summary only and should not be relied upon or used as definitive or complete statement of the relevant law.