What is E-Conveyancing
Western Australia is now part of the National Electronic Conveyancing System.
E-Conveyancing (also known as PEXA, e-settlements, electronic settlements, electronic conveyancing) allows a more efficient and convenient way of settling property transactions and lodging documents at Landgate. At this stage it has not replaced the paper method of settling property in Western Australia but it is an exciting time to be a Settlement Agent in Perth.
Seacrest Settlements are registered with PEXA (the electronic conveyancing channel), and as the system evolves, we are looking forward to settling transactions electronically to speed up the registration process, and ensure that sellers receive their settlement funds immediately!
Seacrest Settlements’ focus has been to adopt the industry changes early to provide the most up to date settlement procedures for their clients to effect their residential settlements in Perth. So far we have effected many residential settlements through the PEXA chanel and the clients have benefited from cleared funds and clear title much quicker than the paper system. Seacrest Settlements are always looking to provide their clients with the best possible options for their residential settlement in Perth and Western Australia.
Many Settlement Agents in Perth are now on board with PEXA which means that there are more and more opportunities to settle a transaction electronically through the e-conveyancing chanel.
Key Points Features
HOW THIS AFFECTS YOU?
E-Conveyancing (also known as Electronic Conveyancing, e-settlements, electronic settlements, PEXA) is not available for all new mortgages and transactions at this stage, so it does not affect every transaction, however, as the system evolves and more and more banks become ready to settle electronically, we will see more and more transactions settle electronically.
We have already effected many settlements through the e-conveyancing platform known as PEXA. This has minimised stress for the clients and provided funds immediately after settlement.
Seacrest Settlements focus on making your settlement more efficient and e-conveyancing is the perfect channel to effect that focus. The industry is changing rapidly and Seacrest Settlements are moving forward with the industry adopting the improvements in technology and processes for residential settlements in Perth.
Landgate have recently announced that they would like all simple settlements to be conducted the the PEXA platform which is a huge change to the industry. This will mean that more and more transactions will be capable of settling electronically in Perth.
Please call us if you would like further information on E-Conveyancing.
WHAT YOU NEED TO DO?
If your transaction is suitable to be settled electronically, we will co-ordinate this with all parties involved and send you the relevant information required to settle electronically.
Once we have the settlement all locked in electroncially, there is very little left to do. Human error is minimised as no paper changes hands, and no person physically attends, this means that when we advise you that “settlement has been booked” it means that all parties are now locked in.
We recommend electronic settlements for clients who would like cleared funds sooner following the sale of their property. We also recommend electronic settlements (e-conveyancing, e-settlements, electronic conveyancing) for the buyers as they will receive a copy of their Certificate of Title sooner after their settlement than a paper transaction. This reduces the risk of there being any issues at the Land Registration stage of the settlement.
The future of Residential Settlements in Perth will soon comprise of mainly electronic settlements.