20 Dec What You Need To Know About Electronic Conveyancing In Adelaide
In South Australia, electronic conveyancing means that practitioners have chosen to settle the conveyancing transaction through an Electronic Lodgment Network Operator (ELNO). There are two approved ELNOs in South Australia: PEXA and Sympli. The parties’ representatives and financiers will take part in the electronic workspace.
Remember that the entire conveyancing transaction is not covered in electronic conveyancing. It only involves the preparation and accomplishment of settlement and registration. In connection with the settlement, the platform is basically a virtual settlement room.
At O’Halloran Conveyancing, we use the PEXA platform to settle our conveyancing transactions. We will discuss PEXA Exchange together with other electronic conveyancing basics in this article.
The Benefits of Electronic Conveyancing
Through eConveyancing, registered Adelaide conveyancers, financial institutions, and lawyers can use an electronic platform for the preparation of necessary documents. They can lodge the legal documents and sign the papers required for the transfer of ownership. All parties can complete all financial settlements as well.
In other words, electronic conveyancing can replace physical documents and other manual processes included in such transactions. Here are the other things that all parties can do within the platform.
- Upload all information regarding transactions. The system will check and verify for compliance, correctness, and accuracy.
- Settle all financial transactions, which includes payments, disbursements, and taxes.
- Lodge instruments and receive validation of their lodgement and registration
- Comply with the revenue offices’ duty and tax requirements.
What is PEXA Conveyancing?
PEXA conveyancing means settling lodgements through the PEXA platform. About 10,000 conveyancers, lawyers, and financial institutions use it for property settlements.
A wide range of transactions can be completed digitally through this platform. Here are some of the activities that conveyancers do in PEXA.
- Property transfers
- Financial settlements
- Caveats or withdrawal of caveats
- Mortgages or discharge of mortgages
- Encumbrances or discharge of encumbrances
- Priority notices
Electronic conveyancing through PEXA is a safe alternative to lodging all transactions. It was in February 2020 that PEXA covered around 25% of South Australian property transactions. At O’Halloran Conveyancing, we will help you use this platform as we are registered with the eConveyancing platform.
Key Features of PEXA
This platform was created to make it easier for conveyances, lawyers, and financial institutions to finalise all property transactions online. It offers many advantages for all stakeholders, including the following:
- Virtually all paper settlements happen at physical locations agreed upon by involved parties. Through PEXA, they don’t have to perform the transactions in a specific location. They can set a time and date and the settlement will be done online. This method enables you to save on bank cheque fees.
- Signatures no longer need to be witnessed when you lodge with PEXA. Meaning you don’t have to ask for a qualified individual to witness the signing of a document. A PEXA settlement allows everything to be done online.