What does PEXA do?
In simple terms, PEXA uses an electronic medium to facilitate the transfer of legal title of property between individuals or entities. It can bring together property lawyers in Melbourne on a unified digital platform to carry out the property conveyancing process, without the need for paper documents and settling contracts in a physical location. All documents can be digitally signed using PEXA, thereby lessening the time needed to complete the transaction.
The traditional paper-based conveyancing method would require all documents to be signed and transferred back and forth between the representatives of the buyer and seller, which can take a substantial amount of time especially when done by post. Only once this is done can all parties agree to meet in a physical location to complete the settlement process and exchange cheques, which then need additional time to clear at the bank.
PEXA effectively removes most of this wait time and cuts out the hassle of engaging separate parties by bringing them all together on the single digital platform. The date and time of the settlement is agreed upon at the very beginning of opening the transaction. All of this, including the actual property conveyancing itself, takes place in a secure online room with all parties involved in agreement, including safe and instant electronic transfer of funds. In this way, PEXA helps streamline the conveyancing process by cutting out the middlemen and increasing transparency between clients.
The benefits of PEXA
If you choose property lawyers in Melbourne that are PEXA certified to represent you on the platform, you can benefit from a much faster, safer, direct and transparent property conveyancing process. While transfer documents can be created and signed online, clients can also save and send paper copies separately in their own time while the settlement is confirmed electronically within a few days.
PEXA also comes with a built-in checking system to keep track of all documents that are lodged for settlement, and the system can also compute fees and stamp duty for you and auto-fill them, reducing the risk of manual calculation errors. Aside from this, PEXA also implements tight alarms and security measures to ensure the safety of its platform, and offers protection to its clients in the rare event of a cybersecurity attack. PEXA offers its services on a flat fee structure and only charges upon the successful completion of the transaction, further enhancing transparency.
If a buyer is interested in a property, it is registered instantly, eliminating the possibility of any lodgement gaps. With the registry date visible to all parties, arrangement of a settlement date and time is much more straightforward, and any change or rescheduling of dates can be carried out without any hassle or lengthy phone calls or email chains.
Conveyancing done quick with the best property lawyers in Melbourne
Are you ready to buy or sell a property but want to minimise the time, money, and stress involved? We’re here to help. Our experienced lawyers are ready to guide and represent you through both traditional and electronic property conveyancing. Contact P&B Law today to find out more.