e-Conveyacing is the new normal in property transactions in New South Wales. As of 11 October 2021, New South Wales only allows e-conveyancing and has retired paper titles.
e-Conveyancing is conducted through PEXA, on online conveyancing platform. PEXA stands for Property Exchange Australia and the company is now a publicly traded company on the ASX. The major shareholders of the company include Link Administration and the Commonwealth Bank of Australia.
PEXA assists lawyers, conveyancers and lending institutions lodge documents with the Land Registry Service to facilitate the settlement of property transactions.
Is it safe to use PEXA?
There are strict requirements for the use of PEXA. Solicitors and Conveyancers are required to obtain client authorisations and proof of identity to use the e-Conveyancing platform. The identification documents required include your birth certificate or passport, and your drivers licence.
PEXA also has robust fraud protection and authentication procedures to prevent criminal activity.
Costs associated with PEXA
When a Solicitor or Conveyancer uses PEXA, there are small administration fees that are charged. These fees are usually charged to the client as a disbursement on the invoice at settlement. These charges are usually less than $200.
We will always disclose these costs to you in our Costs Disclosure document before proceeding with your matter.
Find out more about PEXA and e-Conveyancing
If you would like to know more about e-Conveyancing or PEXA, we suggest that you check out the PEXA website at www.pexa.com.au/solutions/buyers-sellers/.
If you would like to discuss selling or purchasing property in New South Wales, please call a conveyancing specialist at Hulin Chadwick Lawyers on 4934 6899 to make an appointment or book an appointment with one of our solicitors for a free initial consultation here.