Tuesday, 21 May 2019

How PEXA Has Simplified The Property Conveyancing Process?

The concept of online property Conveyancing is not new and we all know how it has revolutionised the entire sector. It has seen several developments in the recent past and one change that has pulled the attention of the masses is the arrival of PEXA that reduced the process drastically along with the paperwork done in the process. Overall, it can be added that the arrival of PEXA has made this process more efficient and now, people will have a better experience while going through it.

What is PEXA?

  • The acronym PEXA stands for property exchange Australia and this is generally an online network that has been developed with some unusual purposes in mind.
  • One of them is to allow property lawyers, Conveyancers, and financial institutions to lodge all the documents through an electronic medium.
  • This has simplified the property Conveyancing process and not to mention that it has streamlined the settlement process also.
  • With PEXA taking care of this, property lawyers would be able to save on costs because then, they will be dispensing with the need for the face-to-face cheque and document exchanges.

Tips for an Easy Experience with E-Conveyancing of property

Follow the Transfer Guidelines

  • There are some transfer guidelines that were created after extensive consultation with the top experts of the industry and it is expected that these guidelines are followed.
  • The benefit of following these guidelines is that it would become very easy to complete all the rules and regulations as well as PEXA settlements.

Refer to Bank Transfer Checklists

You need to go through and follow the checklists provided in relating to bank transfer and with it, it will become very easy to find the answers to the following points.
  • How to send a Discharge Authority (DA)
  • How to contact a bank, if you have an issue
  • Special provisions for business lending
  • Extra information to include in invitations

Some other guidelines to be followed for an easy and simple e-Conveyancing or property are – 

  • You should send invitations early, at least ten days prior to settlement.
  • Have productive conversations to help processes move at a pace.
  • Verbally confirm bank details before uploading to the Financial Settlement Schedule (FSS).