Property settlements were previously completed manually via paper documents which would later be lodged ‘over the counter’ at the Land Title Office. However, all property settlements are now conducted online via Property Exchange Australia (“PEXA”). PEXA allows for uniform and paper-free transactions to be conducted all throughout Australia. PEXA has specifically been established to assist all parties involved at settlement to complete and lodge documents with the relevant authorities as well as digitally complete financial transactions.
Leading up to your settlement date and throughout the settlement process, ASAP Lawyers are able to work closely through PEXA with all parties involved in the transaction in order to successfully complete your transaction.
Before a transaction can settle, the following processes must be completed:
- All documents, including Transfer of Land, Notice of Acquisitions, Mortgage Documents etc, must be verified and signed off by all parties involved;
- Funds need to be ‘uploaded’ and cleared within the PEXA Workspace; and
- Funds must be directed to nominated bank accounts so that money can be transferred to the relevant parties at settlement.
Once these are completed, the settlement process can begin. During this process, documents are lodged with the Land Titles Office for review and registration and funds are disbursed to the nominated accounts. A matter is deemed to be ‘settled’ once the following occurs:
- Land Registry completes a review of the documents and has updated them to be ‘registered’; and
- All banks involved in the settlement have completed disbursement of funds.
Settlement through PEXA usually takes around 30 minutes to complete. PEXA will notify ASAP Lawyers once this process is complete, we would then get in contact with you to relay this news. If you are a Purchaser, you will be able to pick up the keys from the Real Estate Agent upon notification of settlement. If you are a Vendor, funds should appear within your account within 1 business day of settlement.
At ASAP Lawyers we understand the stress and anxiety sometimes related to the settlement process. We try to make your journey easy! Our firm endeavours to provide guidance and comprehensive communication with our clients during the entire settlement process. If you have a conveyancing matter you’d like us to assist you with, please contact us on PH: 9450 9400