From 1 July 2019 all mainstream property transactions must be lodged electronically.
This includes such property transactions as:-
- Transfers of Property (Sales/Purchases)
- Withdrawals of Caveats
- Discharge of Mortgages
- Transmission Applications.
The Property Law Team at Selvaggio Lawyers are fully trained in electronic conveyancing. We are PEXA (Property Exchange Australia) Members. This is the Electronic Lodgment Network. We have already transacted in 100’s of PEXA settlements.
In a Sale or a Purchase- Contracts are still physically exchanged, solicitors still carry out the usual property searches and prepare settlement figures. In PEXA the buyers and seller solicitors along with the discharging and incoming mortgagees all transact in the same PEXA Workspace. In this Workspace the Transfer and other documents are prepared, the available funds for settlement are advised along with the funds required to discharge any loan over the property. The buyer and seller solicitors then instruct where those funds are to be disbursed to. In a PEXA settlement there are no more bank cheques. Funds are disbursed immediately on settlement and documents are lodged at Land Registry Services (LRS) immediately following settlement.
Please contact the Property Law Team at Selvaggio Lawyers on 02 9899 9677 if you wish to discuss e-conveyancing further.