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There was once a time when settlement agents, solicitors and bank representatives all met in a room to affect a property settlement and hand over titles and cheques. With everything becoming digital these days it was only a matter of time before this extended to the settlement process.
Property Exchange Australia (PEXA) is an online property exchange network which exists to help lawyers, conveyances and other professionals lodge transfer documents with Land Registries and complete settlements electronically. Manual conveyancing was considerably more labour intensive, whereas having all relevant information and documentation loaded onto this digital platform allows for a streamlined process, particularly as all payments are now made digitally rather than by way of cheque.
If you are purchasing a property make sure you check that your conveyancer uses the PEXA platform and they will be able to explain the process in detail answering any queries you have about the system and the process.
For any other questions relating to your property purchase or refinance speak to one of your Blackburne Mortgage Broking team.
Get a great deal on your home loan with the Perth Mortgage Broker who is in your financial corner.
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