PEXA Platform
Published: 01 . 02 . 2019
From 1 December 2018 all contracts that are entered into that are a straight forward, Discharge Mortgage, New Mortgage and Transfer of Land documents are required to settle via PEXA. We are PEXA ready and have found many benefits, the monies are disbursed to the receivers accounts immediately, this includes the vendors 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 into the new owners names.
Transactions that fall outside of that scope, ie. Related Party Transactions, Adding a Spouse to the Title, Applications by Survivors (Deceased Estates), Mortgagee in Possessions, Subdivisions, Multiple Dealings ie. 3 -4 settlements going through at the same time will all 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 and look forward to completing your PEXA settlement.
