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Electronic Settlement Newsletter - September 2014 

PEXA is coming

Preparations for the arrival of PEXA are now well underway.

We are in the throes of integrating PEXA’s well-defined subscriber processes into our electronic settlement platform, whilst at the same time ensuring these are simple and straightforward for users to navigate.

This process will be ready for the PEXA deployment in Victoria and New South Wales towards the end of October. This stage of the deployment will support new mortgages, mortgage discharges, refinances, notices, caveats and transfers including online lodgement and financial settlement.

From mid October onwards, conveyancing and legal practitioners in New South Wales and Victoria will begin receiving invitations from us to begin the registration process for PEXA.   Those legal practitioners and conveyancers that have already registered an expression of interest with us through our website will be the first to be given this opportunity. Register here to be one of the first.

To sign up, users will be required to complete an online registration form, sign a PEXA participation agreement, complete a face to face verification of identity, create a login and password and apply for a parent digital signature and child certificates for staff members who will be authorised to sign transactions in the PEXA system.

While we already have many conveyancing and legal practitioners who have lodged their expression of interest to be among the first to become subscribers to PEXA in release 2, we are very open to have others join this list of early adopters.  You can register your interest here.

If you have already registered your interest with SAI Global Property for PEXA, for now, sit tight until we get in touch. 

For conveyancing and legal practitioners who would like to start familiarising themselves with transacting online and haven’t already made use of our free online collaborative workspace, Settlement Room, this would be a wonderful place to begin the process. Many practitioners have said that they have started using this system to understand the internal changes that will need to be made in their businesses with the introduction of PEXA.

Developed for use in both the manual and online settlement world, this online meeting place provides all parties involved in a settlement transaction with a virtual meeting or “transaction” workspace where they can upload documents and verify information about a property and resolve issues ahead of attending a physical settlement. 

Set to replace SAI Global Property’s Self Service Booking (SSB) tool, it will also enable conveyancing and legal practitioners to book the date, time and location of each settlement transaction online, providing all participants with real time visibility of the status of a booking. 

According to SAI Global Property’s Program Director, Electronic Settlements, Amanda Baker, Settlement Room is a wonderful place for conveyancing and legal practitioners to begin cutting their teeth and taking their first steps towards getting used to using an online environment to arrange a  settlement. 

“Rather than picking up a file or phone, they will be encouraged to go online and respond to email notifications and complete actions in the online world,” she says. “These are essential processes and habits that will need to be completed in the electronic settlement world.” 

Following PEXA’s October deployment, several pre-selected practitioners from metropolitan Melbourne and Sydney will take part in a staggered roll-out of the system, the intent of which is for participants to gain familiarity and confidence with the online settlement and lodgement functionality before releasing the system to a wider market.  

While the metropolitan network is developing, PEXA will also be open for transactions in select regional hubs – Wollongong, Geelong and Bendigo. These hubs will form community networks, allowing practitioners that transact together on a day-to-day basis to all transition to e-Conveyancing together. 

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