Electronic Conveyancing
What is PEXA?
PEXA is Australia’s online property exchange platform and Vicki Philipoff Settlements are ready willing and able to settle for our clients electronically using the PEXA system.
Additional fees of $132.66 including GST apply. These fees are payable on settlement and the fee is payable to PEXA.
As of the 1st December, 2018 Electronic lodgement is mandated, which means that the buyer and seller will have no choice to settle manually, unless their transaction is ineligible to settle electronically. We will inform you if this is the case when we complete your settlement.
Even if you would like to settle the PEXA way, it still may not be able to happen for various reasons. For example, even though we are registered to use PEXA, not all Banks, Solicitors and Conveyancing Companies are registered to use PEXA. Even if all parties involved in your settlement are registered, PEXA cannot settle all types of Conveyancing documents at this stage.
What is the difference?
| Manual Settlement Process | PEXA Electronic Process |
| Sellers receive a bank cheque at settlement. Sellers will need to wait between 3 to 5 days working days for a bank cheque to clear into their account, unless the Seller arranges with us for a special clearance to be obtained. Costs vary for special clearances – fee payable to your bank. Special Clearances take between 24 – 48 hours to receive clear funds. | Sellers receive cleared funds in their account within 24 hours after settlement |
| Landgate documents typically lodged days or weeks after settlement. Buyers may have to wait approximately 3 weeks before Landgate register their names on the Title once settlement is completed | Real-time document lodgement, gives Security that Buyers will have their names lodged against Landgate in real time once settlement is completed |
| Document errors can delay or prevent a property settlement from going through. Landgate also assess documents which are lodged after settlement has taken place. | Greater certainty as Landgate checks for errors prior to lodgement at Landgate |
| Costly, time-consuming and stressful for the buyer to purchase bank cheques. The average settlement incurs a single bank cheque fee of $10.00 (The seller is entitled to request up to 3 bank cheques at settlement) | Save time and money as bank cheques are no longer needed - Bank cheque fees are included in the PEXA fees. |
| Buyers and Sellers already need to be identified to sell property in Western Australia – regardless of whether using PEXA system | Buyers and Sellers already need to be identified to sell property in Western Australia – regardless of whether using PEXA system |
What do I do from here?
If you would like to proceed with a PEXA e-conveyancing settlement, please advise us by completing the attached Client Authorisation Form. Click here for the form.
The relevant sections that are required to be completed have been highlighted, for your ease of reference.
Please then return this form to our office via email, fax or post.
If you require any further information on electronic settlement or the PEXA system before making a decision please contact us.
