These three information brokers represent 90% of the practitioner market, which will ensure fast and effective uptake of all electronic settlements.
Through our conversations with practitioners and our new partners, it became clear that an end-to-end property settlement solution would provide the most benefit to the industry, with the least upheaval. Each of our partners are market leading information brokers who also integrate into various Conveyancing software solutions, so it makes sense to integrate Australia’s new property exchange, PEXA, into those existing platforms.
Our key objective is to provide the greatest benefit to the practitioner by allowing data to be transmitted between applications and removing the need to rekey information. By accessing PEXA through our integration partners it will also mean that billing and customer account information will be consolidated. There will also be the ability to capture disbursements to ensure efficient billing of clients.
PEXA supports the exchange of property through the ability to perform lodgements and property settlements online in a simple transaction. This includes new mortgages, mortgage discharges, transfers, settlements, refinancing, caveats and notices in one easy to use, intuitive electronic platform.
In short, the PEXA subscriber (practitioners) will open an online workspace where the Registry documents and settlement schedule are created and information is shared with all parties to the transaction. Once preparation is complete and the settlement date and time is reached, PEXA will automatically lodge documents with the Land Registry, exchange loan funds and pay stamp duty and other third party beneficiaries meaning no more bank cheques and no more physical attendance required at settlement.
Practitioners are also welcome to access PEXA directly if they prefer and we will continue to announce further state-based partners over the coming months.
PEXA launches for banks and land registries this year and to practitioners either directly or via our integrated partners in 2014.
For more information, please head to www.necd.com.au