PEXA’s Growing In Popularity… Here’s Why
PEXA (Property Exchange Australia) is a new online tool which is going to be used in property exchange, and it aims to remove manual process including things like paperwork which have traditionally been associated with property transaction settlements.
This means that in the future property conveying will be brought into the digital world and this will add accuracy, efficiency and speed to the process.
The PEXA Microsite will bring many benefits to the process such as reducing cost and increasing time efficiency. The process is aiming to be automated to the point where there will no longer be physical documentation required for the settlement, and the future aim is that there will be no need to physically attend settlements. The use of technology reduces possible human error and the possibility of settlements falling through.
Pexa and Infotrack
Infotrack is going to integrate PEXA into its existing products to enable electronic settlement, which is going to add the value to their clients. New and existing subscribers are going to be able to open an online workplace by using Infotrack and their land registry documents. They can incorporate this with their settlement and use it to share the information required with the people who are involved in the settlement transaction.
When all the required work has been done for the settlement and the settlement time and date has been reached, PEXA will do the following automatically:
– It will lodge any required documents to the Land Registry
– It will exchange the loan funds and also pay for the stamp duty with other third parties or the beneficiaries
– It will remove the need of having to wait for the bank cheques and the accompanying hassle
– It will eradicate the need of having to physically attend the settlement
If you want to know more about PEXA you should visit the website of Infotrack where you will be updated on the latest news concerning the system, and you will also be advised about all the new and potential updates and developments. EConveyancing webinars are being held to show people how PEXA works and how it will improve the settlement process. These webinars give the opportunity to any potential users to ask any possible question about the app and about PEXA specifically. When PEXA is rolled out and starts to be used, payment for PEXA will be based on the transaction, so there won’t be any cost or joining fee for the user per se. PEXA pricing will have already been set depending on the services available.
The reasons why you should start using PEXA
There are many reasons why you should go for PEXA under Infotrack. Infotrack online has already been designed in such a way that allows a user to order, sort or save any searches that they do with any related services in a quick and easy to use way, and they will continue to offer high levels of efficiency to customers through PEXA integration. When you choose to use Infotrack for PEXA you will be able to access a national online service, which includes personal, property and corporate services in collaboration with the most advanced and sophisticated eConveyancing system in one place.
When you start to use PEXA under Infotrack, you will get an end-to-end solution since you will be able to deal with anything from the manual settlement through to eConveyancing. You can integrate the majority of the practice and management system, which means that there is no need to learn about further additional systems if you want to use PEXA. You will see a significant reduction in the time and cost required to do settlements as compared to a manual service. Another benefit is that you can reduce the risks that accompany the use of usual manual methods since all details will be online and stored securely.
A final note is that before you start to use PEXA, you will need to complete an online verification, as it is the part of the registration. The purpose for this is to securely verify people who are going to be involved into the conveyancing transaction, and works to keep the process secure.