WRITTEN BY Benjamin Grady
Following legislative reform in May 2020, which allowed for the introduction of e-Conveyancing in the ACT and PEXA approval by the Registrar General in September 2021, the Territory has been brought up to speed with other jurisdictions in facilitating electronic property settlements.
PEXA offers a single, easy-to-use platform allowing parties to connect and communicate in real-time to enable a much more efficient and effective settlement process. The PEXA platform allows for the uploading of documentation, coordination of relevant deadlines and the automatic settlement and release of settlement monies. Consumers now have a greater certainty that settlement will occur on time, lodgement, and registration of transfer of title without delay and the instant distribution of settlement funds. All of which provide a more positive experience for consumers buying and selling property in the ACT.
For further information regarding PEXA in the ACT, please contact the BAL Lawyers Property Team.