We are excited to announce that GKS Law is now a PEXA member.
What this means for GKS Law conveyancing clients is that we can offer you the option of e-Conveyancing for your settlements. This allows for completion of settlements electronically reducing delays in settlements, funds clear immediately, paperwork is reduced and bank cheques are eliminated.
PEXA is our e-Conveyancing platform and through using this system we also offer the Buyer or Seller the ability to track their settlement progress in addition to a secure way to communicate bank account details using the PEXA Key APP.
What is PEXA?
PEXA means Property Exchange Australia Limited and is the e-Conveyancing platform GKS Law will use.
Using PEXA will minimise the paperwork associated with your property transactions by allowing solicitors, conveyancers and financial institutions to transact online. It enables them to complete financial settlements and lodge documents electronically.
PEXA also reduces the risk of errors and delays, giving conveyancers, banks and clients greater certainty of a successful, on-time settlement.
We will no longer have to rely on bank cheques, couriers and settlement agents to complete settlement and will save time, reduce errors and have immediate reconciliation of funds.
Benefits of PEXA for the Seller
1. As the Seller, you will receive cleared funds into your account on the day of settlement. There is no more time wasted waiting for bank cheques to clear;
2. Reduced paperwork. You will not be required to sign a physical Transfer document with a qualified witness;
3. There is a greater certainty of a successful and on-time settlement.
Benefits of PEXA for the Buyer
1. On-time settlement. Settlements are far more likely to settle at the agreed settlement time;
2. Settlements can take place earlier in the day than traditional settlement times, which are usually 2pm – 4pm;
3. Peace of mind. Documents which register the transfer of ownership happens instantly;
4. No more bank cheques, which saves you time and money.