PROPERTY EXCHANGE AUSTRALIA
PEXA is Australia’s online property exchange network. PEXA was formed in 2010 and was a Government initiative to deliver a single, national e-Conveyancing solution to the Australian Property industry. It was originally known as National e-Conveyancing Development Limited.
PEXA allows property practitioners such as Conveyancers to lodge documents with the Land Registries and complete financial settlements electronically.
Adcocks has been involved with PEXA since its inception when Director, Kathy Stolinski was a National Board Member of Australian Institute of Conveyancers National Division. The Adcocks team are PEXA Certified. This means we have successfully incorporated e-Conveyancing into our business and since August 2016 when we completed our first electronic settlement we have completed almost 200 settlements electronically.
In order to be PEXA certified we have to meet strict guidelines and practices which are legislated and at Adcocks we have adopted all the required Practices and Procedures to ensure compliance to meet the Model Participation Rules required to operate under the system.
Electronic settlements provide more transparency to our clients for all property transactions. All parties in a workspace are able to see at any time what stage each party is at, documents are lodged on the Land Registry immediately on settlement and registration is completed within days rather than weeks in the paper system and clients have instant clearance of settlement funds on settlement rather than having to wait 3 business days for clearance of bank cheques.