TOUKLEY (02) 4396 4895 BELMONT (02) 4067 9871

Benefits of settling via PEXA for security reasons

Posted By Jamie-Lee  
28/10/2022
08:30 AM

The property law industry is continuing to evolve, become paperless and revolving around technology.  Ezystep Conveyancing was one of the first in Australia to be skilled in e-conveyancing and the director Jamie-lee is now on the board of the PEXA Members Advisory Committee to assist in continuing to better the electronic conveyancing process.  


We have adopted to the government online, paperless system which was mandated in 2019.  Through the PEXA e-conveyancing platform we have successfully completed thousands of settlements for our clients electronically.  The e-conveyancing process is an efficient, accurate and secure way of conducting the settlement and lodgement stages of a conveyancing transaction and replaces the traditional manual paper process. This helps to eliminate errors in cheques, documents being lost and incorrect documents being handed over on completion.

 

PEXA has a Residential Seller Guarantee (Guarantee) which is designed to assist sellers impacted by a compromised electronic conveyancing settlement or fraudulent transaction. The Guarantee allows a seller to make a claim for recovery with PEXA, granting PEXA the power to step into the shoes of a seller to recover losses from a fraudster, or any other party to the transaction, including the acting conveyancer.

 

The e-conveyancing system allows lawyers, conveyancers and financial institutions to interact and transact together online in the same workspace to ensure all documents and figures are being triple checked by all parties. A user in the PEXA system needs to be approved by the ARNECC council and has to abide by the rules and regulations and regular audits are carried out on all practitioners. Only registered users can access PEXA, you cannot represent yourself anymore and if looking to sell a property that they don’t own will not get very far as there are many steps a practitioner carries out to prevent fraud within this industry. 

 

A benefit for e-conveyancing has prevented many errors in incorrect paperwork as all documents need to match or it will be rejected. Incorrect figures and errors with interest being charged, is eliminated as the bank can calculate this right up to the day of settlement within the PEXA workspace. The main advantage for a vendor using PEXA is the money transfers, happen online and banked same day of settlement as cleared funds. The vendor can upload their bank details into the system to again, avoid clerical errors for incorrect banking details.

 

Every party can see where the application is and who is responsible for the next step. It's a way of neatly lining up all the ducks and having them swim in a straight line. If there is any hold up in the line, we can immediately see who to contact to get things rolling again. That also means we can keep you up to date on where your application is at any point in time. Our tracking app lets you log in and check your settlement status 24/7.

 

A settlement is unable to be signed off, unless the user has a digital signature. Only approved signatures for each office is able to sign off using a two step sign off process and login.  

 

At Ezystep Conveyancing, we encourage and love to create change within our industry to provide safer, efficient and flexible conveyancing services for our clients. Even though our industry is still digital, we are always here to hold all our clients hands to provide a unique touch for each and every client to assist them throughout their conveyancing process.