PEXA (standing for "Property Exchange Australia") is a national database initiative, sponsored by the major Banks, financial institutions, Land Registries and other State and Commonwealth Government Departments dealing in property transactions. The aim of the initiative will be to permit, ultimately, a nationwide transaction environment, accepted by all participants as being legally and financially secure, so as to enable electronic, on-line settlements of property dealings.

In that the sponsoring stakeholders are the Banks and the Governments, potentially at every level, it is anticipated that there will be an increasing momentum, over coming years, to have conveyancing transactions transacted, or at least settled, on-line.

The new PEXA system is in its early stages, with much progress yet to be made. When operating, though, it will mean:

• No more cheques at settlement
• No physical “settlement meetings”
• Immediate clearance of payments, on both transaction sides
• Real-time lodgment of transfer documents, mortgages, etc..

It may be expected, therefore, that measures will be introduced, including likely premium pricing against physical settlements, by the Banks and Agencies. Not today, but the apparent intention, certainly, is that in the future, where a transaction can be settled electronically through PEXA, it will be.

PEXA, on the Banks and Agencies side, is the completion of electronic conveyancing. Fully adopted, (and there are some parallels in modern processing of Exchange-traded Share transactions) the PEXA environment will herald a full E-Conveyancing environment. New standard form conveyancing contracts are being prepared. Changes to standard conveyancing process are likely.

Alliance Conveyancing IS PEXA-ready!!

The E-Conveyancing solution introduced by Alliance Conveyancing:

• Is fully adapted to either electronic (PEXA), or physical settlements;
• Already efficiently handles physical settlement transactions for Banks and financial institutions;
• Has established arrangements with an approved PEXA “Gateway” organisation
• Has been selected by a Regional Council to assist with trialling electronic dealings with Government Agency Certificates, such as zoning and rates certificates. This enables Alliance Conveyancing to reduce lead times in obtaining such certificates from around 5- 10 days, now to around 2-3 days. In turn, this enables Alliance Conveyancing to reduce times, for instance in preparation and dispatch of Vendor-disclosure contracts, to around 3 days from cleared final instruction
• FASTER, SMOOTHER, SMARTER!!

FOR MORE INFORMATION, GO TO:

https://www.pexa.com.au

http://rgdirections.lpi.nsw.gov.au/e-dealings/faqs