PEXA announces Sponsor agreements with information brokerage and conveyancing software providers GlobalX Legal Solutions, SAI Global Property, InfoTrack and Veda
Property Exchange Australia Limited (PEXA Ltd) is pleased to announce the formalisation of agreements with leading information brokerage and conveyancing software providers GlobalX Legal Solutions, SAI Global Property, InfoTrack and Veda.
Known as ‘Sponsors’, these four renown organisations will integrate PEXA into their existing product offerings, providing an electronic conveyancing solution to those Property Lawyers and Conveyancers that have a relationship with one of these providers.
“I’d like to welcome GlobalX Legal Solutions, SAI Global Property, InfoTrack and Veda to PEXA as we work together in bringing the property conveyancing process into the digital age,” Property Exchange Australia Limited CEO, Mr. Marcus Price said. “Our Sponsors are major industry players who enjoy relationships with the vast majority of Australia’s Property Lawyers and Conveyancers. Their support demonstrates that industry is backing the PEXA platform because it works - for them - and for their customers.”
The integration of PEXA into existing Sponsor solutions will provide the greatest benefit to Australia’s Property Lawyers and Conveyancers by allowing documents to be pre-populated, removing the need to rekey information. From the original Title Search, right through to Lodgement and Financial Settlement, each step in the conveyancing process will be able to be managed online through GlobalX Legal Solutions, SAI Global Property, InfoTrack and Veda as a result of their integration with PEXA. “PEXA removes the often stressful closure of the conveyancing process by ensuring fast, effective and error free electronic lodgement and financial settlement,” Mr. Price said. “It makes sense for PEXA to become part of the existing market offerings provided by our Sponsors.”
Property Lawyers and Conveyancers can also choose to access PEXA directly if they wish.
How PEXA works
PEXA brings conveyancing into the digital age, resulting in much-needed speed, efficiency and accuracy.
A PEXA Subscriber (Property Lawyer or Conveyancer) opens an online workspace where the Land Registry documents and settlement schedule are created and information is shared with all parties to the transaction including the participating Financial Institutions.
Once preparation is complete and the settlement date and time is reached, PEXA will automatically:
Lodge documents with the Land Registry;
Facilitate the electronic exchange of funds including third party disbursements;
Remove the need for bank cheques and the wait that goes with them; and
Remove the need to physically attend settlement.
Where next for PEXA?
PEXA Release 1 is currently live in Victoria, New South Wales, Queensland and Western Australia for new mortgages, mortgage discharges and refinances. The Major Banks as well as a number of additional Financial Institutions are currently using PEXA to perform these transactions.
Release 2 launched in June 2014 in a limited capacity (caveats only) for Property Lawyers and Conveyancers in Victoria. From Q4 this year, full functionality will launch to Property Lawyers and Conveyancers in New South Wales and Victoria followed by the remaining states across 2015.
With the release of full functionality, PEXA will enable Banks and other Financial Institutions as well as Property Lawyers and Conveyancers to perform lodgements and financial settlements online. PEXA functionality will support new mortgages, mortgage discharges, transfers, settlements, caveats, notices and other administrative documents in one easy to use, intuitive electronic platform.
PEXA Ltd will continue to announce the introduction of additional Financial Institutions and Property Lawyers and Conveyancers to the platform over the coming months.