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Electronic Settlements: What is PEXA and is it safe to use for property settlements?

PEXA (Property Exchange Australia) is a privately owned by Link, Commonwealth Bank and Morgan Stanley. PEXA is a digital workspace which allows property settlements to occur online and makes available quicker access to funds of a sale and real-time tracking of the settlement process. To complete the settlement, PEXA electronically sends information and instructions to those involved in the transaction. This includes financial institutions, conveyancers, sellers and buyers.

PEXA has a high level of security and safeguards in place to ensure only the individuals and companies involved can access the system. To be able to access PEXA settlements, the identity of the individual will be verified by a PEXA agent and then they are issued a personalised digital key. Strict authentication procedures have been built into the platform which allows the sellers and buyers to have peace of mind knowing their funds are in a safe and secure platform.

Unlike the traditional process, PEXA enables a party to schedule the settlement date much earlier. The party that creates the workspace will put forward a date and time which can then be accepted by the other participants after they are invited to the workspace.

PEXA is used in Queensland and is a safe platform for all standard conveyancing transactions. Using PEXA for a property settlement saves clients time and money while being kept up-to-date every step of the way, and are made aware of any changes that happen in the workspace.

PEXA or eConveyancing is mandatory in Queensland from 20 February 2023.

For more information and for all conveyancing needs, please call Impact Legal Cairns on 0417 215 558 or click HERE.


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