If you are in the process of buying or selling property in Australia, exciting! As you are moving forward you do have a fair bit of paperwork ahead of you. With Zettle at your side conveyancing will become convenient. But there are other elements and terms you should keep in mind. One of these you might have heard the term PEXA thrown around. But what exactly is PEXA, and why should you, as a property buyer or seller care?
What is PEXA?
Property Exchange Australia (PEXA) is an innovative electronic designed to make property transactions faster, simpler and more secure. By allowing buyers, sellers, banks and legal representatives to complete settlements digitally, PEXA eliminates the need for traditional paper-based transactions. The platform is integrated directly with land registries across Australia, ensuring that property titles, documents, and funds are exchanged securely and instantly.
With PEXA, property transactions are no longer bogged down by paperwork and in-person meetings. Everything can be done online, providing a faster, more efficient way to transfer property ownership. So, what makes PEXA a game-changer? Let’s dive into the key benefits for property buyers and sellers.
Benefits of using PEXA
Cheaper cost of settlements
One of the biggest draws of PEXA is the potential to reduce settlement costs. Traditional paper-based settlements often require fees for bank cheques, physical settlement agents, and other administrative tasks. With PEXA, you avoid these costs. No more paying $20 per cheque, and no more waiting for cheques to clear – everything is processed digitally, saving you time and money.
Less risk of delayed settlements
Gone are the days of waiting around for paper documents to be processed or dealing with delays. PEXA lets all parties involved complete necessary documentation in advance, which means fewer chances for delays. Plus, with real-time tracking, you can stay updated on your transactions progress every step of the way.
Quicker access to funds
When the settlement is complete, PEXA ensures that funds are available to sellers on the same day – often as cleared funds. This means you can access your money faster, without waiting for days for bank transfers to process.
How much does it cost to use PEXA?
PEXA charges users a fee per transaction which is collected at settlement. Therefore, if the transaction is not successful there will be no PEXA fees.
The fees are subject to change and differ from state to state and from transaction to transaction. The complete schedule of fees can be found on the PEXA website.
As registered PEXA members, the team at Zettle is here to guide you through the process and ensure your property transaction goes off without a hitch. Whether you are buying or selling, we leverage PEXA to make your experience as smooth and efficient as possible. Let us take the complexity out of the settlement process.
