Most of us buy and sell some real estate during our lifetime, and the legal process of transferring property when it is sold and purchased is called conveyancing.
Conveyancing is an important legal process that should be done by professionals to ensure the new owner gets full legal title of their purchase, and is fully aware of exactly what they are buying. Solicitors such as Baldock Stacy Niven are fully qualified to do this work. Conveyancers can also do this work but they do not have the same legal training as solicitors.
The last step in conveyancing is called settlement. This is when the representatives of the vendor, their bank, the purchaser and their bank all get together to exchange documents to finalise the sale. Traditionally this was done in an agreed location on an agreed date and at an agreed time. Each representative would attend in person with the necessary paperwork and cheques, and if one party did not attend or one party had incorrect paperwork, the settlement could not proceed and would have to be rescheduled.
Now a new system of electronic conveyancing has been introduced and will become mandatory for all NSW conveyancing transactions from 1 July 2019. An on line platform called Property Exchange Australia (PEXA) has been created. PEXA is a joint Government and Bank initiative which provides a platform upon which properly qualified and skilled users can cooperate online to facilitate secure and simplified settlement procedures.
The PEXA platform, when properly used, provides a secure, efficient and swift method of conveyancing and, in conjunction with the National Payment Platform ensures that conveyancing transactions can be confidently concluded.
Baldock Stacy and Niven commenced using PEXA for its conveyances in 2017 and all our conveyancing staff have been trained in the new system. Baldock Stacy and Niven is PEXA certified. We have been carrying out PEXA settlements for over a year and have performed hundreds of such settlements without incident. Our staff are highly skilled in the use of PEXA and all associated online processes.
A recent news article ‘MasterChef finalist caught in conveyancing hacker attack’ (SMH 22 June 2018) discussed a scenario where a PEXA settlement resulted in sale funds from a Conveyancer’s account being directed to a hacker’s bank account, leaving the vendor out of pocket and unable to settle for their house. Baldock Stacy and Niven Solicitors have taken all necessary steps to ensure that this cannot happen with our transactions. We utilise effective security measures to ensure our clients receive their funds immediately after every PEXA settlement.
Call Baldock Stacy and Niven solicitors if you have a conveyancing or PEXA question, we can help.