From 1 December 2018 all contracts that are entered into that are a straight forward, Discharge Mortgage, New Mortgage and Transfer of Land are required to settle via the PEXA Platform. We are PEXA ready and have found many benefits, the monies are disbursed into the receivers accounts immediately, this includes the vendor funds, no waiting 5 days for cheques to clear. The Title is transferred into the new owners name immediately, no waiting 4 weeks for Landgate to process the documents.
Transactions that fall outside of that scope, ie. Related Party Transactions, Applications by Survivors (Deceased Estates), Mortgagee in Possessions, Subdivisions, Multiple dealings ie. 3 – 4 settlements going through at the same time will still be required to settle via paper.
It will take a few years for Landgate to accept all documents via the PEXA Platform, we are embracing the changes.
