What is conveyancing — and what is PEXA?

Conveyancing is the legal transfer of the ownership of a property from one owner to another, either to a person or entity. It involves drawing the required documentation and attending to execution by you in accordance with legislation, applying to the rating authorities/government departments to apply for property enquiries on your behalf, searching the Certificate of Title to ensure that clear title is provided at settlement free of encumbrances, attending to an adjustment of outgoings (council rates, water corporation charges, strata fees if applicable) between the vendor and purchaser.

Your settlement agent will also liaise with your bank and other settlement agent working forward to settle on the contractual settlement date.

PEXA is the electronic platform in which most settlements take place. PEXA stands for Property Exchange Australia and is an Electronic Lodgment Network (ELN) which provides the transfer of the Certificate of Title to the property to the purchaser and the transfer of settlement monies to the vendor at settlement together with the payment of stamp duty, registration fees and other amounts to the applicable parties at settlement.