Earlier this year, McNamara Law became PEXA certified. ‘PEXA’ stands for Property Exchange Australia. It is the only Electronic Lodgement Network (ELN) and national online system within Australia. PEXA’s abilities include:
- preparation of electronic dealings and verification of lodgement acceptability;
- electronic settlement of real property transactions including payment of settlement monies, duties, taxes and any other disbursements; and
- Electronic lodgement of dealings to the appropriate Land Register.
McNamara Law’s conveyancing team have now successfully completed several electronic conveyances.
Electronic conveyancing is a game changer in the way conveyancing is conducted – it is more secure, more accurate and has a much faster turnaround. Sellers receiving their sale proceeds, and Buyers being recorded on the Title for the property occurs within 2 hours of settlement in most cases.
New South Wales have now moved to mandatory electronic settlements, and it won’t be long before Queensland will follow suit.
Recently our Sally Adams (Assistant to Kevin Steed) was one of 8 Queenslanders to win a trip to Melbourne with PEXA for their open day and behind the scenes tour of their facility to learn more about PEXA’s upcoming releases. Stay tuned to hear about her trip and what is in store for your next property transaction.