Conveyancing is going through an exciting transition to fully electronic conveyancing and settlements. At present, 90% of settlements are completed via Property Exchange Australia or PEXA. From the 1st July 2019, every single settlement in NSW will be effected electronically. This means real-time lodgements, electronic registration of title documents and real-time transfer of funds. Clients can expect to transfer ownership of property titles in around 40 minutes.
PEXA is an electronic platform that operates like a virtual meeting room for settlement. It means that we no longer have to physically attend a meeting for settlement. It also eliminates the need for bank cheques and the swapping of paper documentation on the day. This virtual workspace enables representatives of a settlement to meet from any location along with their financiers, to sort out the balance, set a date and time for settlement and prepare documentation. Having an electronic workspace means a conveyancer who is licensed to practice in NSW and registered with PEXA can settle any property in NSW, without physically being where the client or the bank is, which also gives you greater flexibility when choosing your conveyancer.
On the set date and time for settlement, the settlement funds are disbursed electronically and the applicable documents are electronically lodged for registration. That means fewer errors, faster lodgement times and immediate availability of settlement funds and registration of the Transfer, so transferring the title of the property to the new owners.
We’ve been conveyancing partially or wholly electronically wherever possible for a number of years now. As a result, we are 100% ready to embrace electronic conveyancing and settlements and the benefits it will bring to our clients. In essence, we see this change as completely positive. It allows us more time to be available to our clients and means quicker, smoother and more predictable settlements.
Clever Conveyancing handles property conveyancing from Red Rock in the north, right through to Woolgoolga, Emerald Beach, Moonee Beach, Sapphire Beach, Coffs Harbour, Sawtell/Toormina and down to the Nambucca Valley and Scotts Head. In fact, Clever Conveyancing can look after your conveyancing needs right across the state of New South Wales and has been doing so very successfully for the past 15 years.