PEXA – Property Exchange Australia
Electronic Conveyancing has been introduced in the State of Victoria with the view of simplifying the process of settlements.
PEXA – Property Exchange Australia is both the Company providing the electronic platform and the electronic system. Some of the changes are:
- Minimising the manual processes and paperwork
- There is no need to sign documents manually ie Transfer of Land, Mortgage, etc.
- It enables the lodgement of documents online
- It completes settlements online
- Stamp duty can be paid
- No need for bank cheques
- Surplus monies can be deposited as clear funds straight into the clients bank accounts following settlement
- Documents following settlement can be lodged immediately
The parties to a settlement transact together online. Ie. Each legal representative and their Lenders.
We are members of PEXA (Property Exchange Australia Pty Ltd) the online Settlement Portal
The requirements for us to act for our clients using the electronic platform are twofold.
We must provide and have each client sign a CLIENT AUTHORISATION form.
The client authorises us to sign documents on their behalf which includes the Transfer of Land and anything else necessary to complete the transaction.
Verification of Identification (VOI)
We must take reasonable steps to identify each client.
The verification may be undertaken by us or may be provided by a Subscriber Agent. There are a number of commercial providers of verification of identity services.
The client is required to provide original documents for certification which can include, Passport, Driver’s Licence, Birth Certificate, Marriage Certificate, any other photo Government ID, etc.
A photo is taken of our client and documentation completed.