As technology enters a new age and property transactions become more complicated with parities purchasing in different entities, foreign investment, and the need for efficiency during transactions there has been a growing need for the procedural side of property transactions to accommodate a world that is becoming increasingly reliant on technology.
Enter, PEXA. PEXA is a property exchange network that is currently being rolled out around the country. PEXA allows legal professionals to electronically run and complete property transactions such as purchase and sale settlements, and brings all parties together in the one virtual online settlement room – therefore, a settlement can occur even though parties may be in different states or countries.
PEXA works with the Reserve Bank of Australia as well as leading financial institutions, so payment and all relevant money exchange can be executed online. The system is designed to be secure and fast and will effectively minimise any errors which often crop up due to mistakes with cheques or funding from the incoming party.
PEXA still necessitates use by a legal professional. It is important to remember that when problems arise, the guidance of a legal professional can be invaluable, especially in property transactions where time is of the essence.
Greenhalgh Pickard is proud to embrace advances in technology, especially when it comes to electronic transactions, and we pride ourselves being a paperless office. When PEXA is rolled out in Queensland, we will have the necessary knowledge and skills to jump on board straight away and deliver the benefits of PEXA on to our clients.
If you would like to know more about PEXA or have questions in relation to how and when it will be made available, please do not hesitate to call.
By Tayla Mojidi