If you bought or sold a property in South Australia back in the 1970s or 1980s, your settlement would have occurred at the Land Titles Office and involved actual pieces of paper being stamped and registered!
It’s hard to imagine that world now, but electronic platforms for settlements have only been around since the 1990s when a system called Revnet was introduced. This enabled new titles to be created electronically (which seemed very high-tech at the time) but paper titles were still issued to the registered property owner as proof of ownership.
eConveyancing continued to evolve over the next couple of decades until the introduction of the Electronic Conveyancing National Law (South Australia) Regulations 2016.
This legislation made the PEXA electronic conveyancing platform mandatory for all mainstream conveyancing transactions in South Australia.
But what exactly is PEXA?
Property Exchange Australia, known as PEXA, is a sophisticated and secure digital settlement platform. Conveyancers, banks, and other parties involved in a settlement can use it to:
- Prepare electronic dealings and verify lodgement acceptability,
- Facilitate electronic settlement of real property transactions including payment of settlement monies, duties, taxes, and any other disbursements, and
- Electronically lodge dealings to the appropriate Land Registry.
There are lots of advantages to using the electronic PEXA system, especially when compared to the old paper settlements system.
PEXA settlements usually only take around 15 minutes, with the vendor receiving funds to their account on the day of settlement, rather than having to wait for a bank cheque to clear.
As a vendor or seller, you can also access the PEXA Key App which provides almost real-time tracking of your property settlement.
As a client of Cornerstone Conveyancing, you will automatically receive an invitation to use the PEXA Key App for your settlement.
With such large sums of money involved in property settlements, sharing bank account details by phone, text or email can lead to errors and leave you vulnerable to hacking and phishing scams.
With secure digital encryption, the PEXA Key App is a safe way to share and receive bank details with us, with protection from malicious activity.
The PEXA Key App even features helpful articles and tips to help you understand each stage of the settlement process, as well as handy checklists to help you take care of everything required prior to settlement.
The PEXA Key App is completely free to use and brings peace of mind to both buyers and sellers at every stage of the property transaction.
At Cornerstone Conveyancing we pride ourselves on providing exceptional customer service and invite you to get in touch to discuss your property transaction.
Our friendly team would be delighted to answer any questions you may have.
Let us assist you with your next property matter
Contact us today for an obligation-free discussion.