3, 2, 1… Blast off! PEXA is coming to the ACT.
In one of the most anticipated releases and one that has conveyancers and property solicitors across the ACT jumping for joy – e-conveyancing has been approved for use in the ACT. The ACT Registrar-General has approved Property Exchange Australia (PEXA) as an Electronic Lodgement Network Operator, bringing the ACT in line with other jurisdictions and enabling the ACT Government to deliver a nationally consistent electronic lodgement process.
So, what is PEXA?
PEXA is an online platform that allows practitioners to attend to property settlements electronically. The platform can be accessed by all parties necessary to a settlement (solicitors for the buyer and seller, banks for the buyer and seller and the banks’ settlement agents). The platform is easy to use, safe, secure and improves efficiency and transparency by enabling property settlements to be completed electronically with real-time lodgement of documents and highly streamlined processes.
At its introductory stage, PEXA will be supporting the following standard transactions in the ACT:
- Discharge of mortgage;
- Transfers (with some limitations); and
- With more services being added to the platform in the future.
Buying or selling property is a major life event and can be one of the most exciting (and possibly the most high-stress) transactions you undertake. We understand! We have all been on the other side of the desk receiving advice and signing contracts as buyers and sellers and have experienced the excitement and the stress that this process can cause. PEXA has proven to be an asset in reducing the risk of last-minute errors and delays, provides quicker access to the proceeds of a sale and uses real-time tracking so that conveyancers can monitor the progress of a settlement.
Aulich and E-Conveyancing
Our team has been working hard to ensure that we are providing the best possible service to our clients throughout the Canberra lockdown, and even though the requirement of face-to-face interaction has been limited, we have seen very few problems working through digitally.
PEXA provides a framework for the industry to move, in leaps and bounds, into the future and we cannot wait to get stuck in.
When will we start using PEXA?
Using PEXA will not be compulsory and ACT residents will have the option to purchase and sell property through the method that they choose. We will be looking to transition entirely to e-conveyancing where possible, as soon as PEXA is released, however we will be guided by our clients needs and circumstances. Our team at Aulich are well versed at using PEXA and have been using this platform for NSW sales and purchases for some time now. We look forward to receiving the full timeline from PEXA and working closely with our clients to bring an even greater service experience when buying or selling.
If you are buying or selling a property, give our conveyancing team a call on (02) 6279 4222.