Property Exchange Australia (PEXA)

March 2019 | Real Estate

As from the 1st December 2018, the Western Australian Land Registry, more commonly known as Landgate, made it mandatory that the following documents are lodged with them electronically:

  • Transfers of Land
  • Mortgages
  • Eligible Discharges of Mortgages
  • Caveats
  • Withdrawal of Caveats

Property Exchange Australia (PEXA) is currently Australia’s only online property document exchange platform. It assists members – such as lawyers, settlement agents and financial institutions – to lodge documents with Land Registries and complete financial settlements electronically.

Master Settlements has been registered with PEXA and has been using their online system since October 2018, to complete settlements for our clients. We undertook extensive training before the system went live and now we’re very comfortable with it and can see there are elements of the online system which really benefit our clients:

  • Buying: the Lodgement of Documents takes place instantly, with the change of ownership expected to be confirmed by the close of business on the day of Settlement.
  • Selling: PEXA sends the Surplus funds directly to the seller’s nominated bank account, and these funds are cleared within 24 hours.

Master Settlements is a part of AustAsia Group, with Syd Chesson being our licensee. Master Settlements undertakes all of the real estate and business settlements activities for our clients. The AAG team members from the property and finance team of the business help us with the settlements so that we have an integrated approach.

Please feel welcome to contact AustAsia Group via or (08) 9227 6300 for all of your settlement and real estate buying, selling, management &/or development needs. Our team has more than 100 years’ combined industry experience and looks forward to providing you with friendly and professional service.

Please click on the link below for more information about the services offered by AAG and the properties we are currently marketing for sale and rent.

www.austasiarealestate.com.au

Important information and disclaimer

This publication has been prepared by AustAsia Group including Master Settlements (Triennial Certificate No. TC390), AustAsia Real Estate Pty Ltd (REBA Licence No. RA1736) and AustAsia Finance Brokers Pty Ltd, Australian Credit Licence No. 385068.

Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Accordingly, reliance should not be placed on the information contained in this document as the basis for making any financial investment, insurance or other decision. Please seek personal advice prior to acting on this information.

Information in this publication is accurate as at the date of writing, 1 March 2019. Some of the information may have been provided to us by third parties. Whilst it is believed the information is accurate and reliable, the accuracy of that information is not guaranteed in any way.

Opinions constitute our judgement at the time of issue and are subject to change. Neither the Licensee nor any member of AustAsia Group, nor their employees or directors give any warranty of accuracy, nor accept any responsibility, for any errors or omissions in this document.

Any general tax information provided in this publication is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.

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