What is eConveyancing?

Electronic conveyancing (eConveyancing) is the digital completion of conveyancing transactions, including transferring property ownership from seller to buyer through the platform provided by Property Exchange Australia Limited (PEXA), where financial settlement is carried out in real-time. It is the world’s first online lodgement and financial settlement platform. PEXA was formed in 2010 to fulfil the Council of Australian-Governments (COAG) initiative to provide a unified, national e-conveyancing platform for the Australian property industry.
​
How Does It Work?
​
PEXA works by providing a secure online platform that operates as a virtual meeting room for settlement. It means conveyancers, lawyers, and financial institutions do not have to physically attend a meeting for a settlement to take place. It allows registered parties to use the digital platform to prepare and complete the transfer of property ownership and to complete financial settlements. It also eliminates the need for bank cheques and the swapping of paper documentation on the day.
 
Having a virtual workspace means a conveyancer who is registered in NSW can settle any property in NSW, without physically having to attend a meeting location. Similarly, clients do not need to attend on the day of settlement as it is all handled by the legal representatives. 
All the data in PEXA is pre-populated and verified against the land registry system, which eliminates issues of misspelt names, mismatched bank cheques and human error that can cause delays and faults in settlement success.
​
On the day of settlement, everything takes place in real-time. Settlement funds are disbursed electronically, and the registry instruments are electronically lodged for registration. That means fewer errors, faster lodgement times and immediate availability of both funds and the name on the title (transfer of ownership). 
​
If you would like to know more about what electronic conveyancing would mean for you at your next property sale or purchase, please feel free to contact us at any time, as we would love to be able to assist you with your next property transaction. 
​