Electronic conveyancing has transformed property settlements in Victoria. Instead of parties physically meeting to exchange paper documents and bank cheques, settlement now occurs digitally through the PEXA (Property Exchange Australia) platform. Here’s how it works and what it means for you.
What is PEXA?
PEXA is Australia’s national electronic conveyancing platform. It allows conveyancers, solicitors, and financial institutions to conduct property settlements online — transferring funds and lodging title documents electronically, in real time.
Is PEXA Mandatory in Victoria?
Yes. Since October 2019, all property settlements in Victoria involving a bank must be conducted electronically via PEXA (or another approved platform). This means the vast majority of residential and commercial property sales in Victoria now settle through PEXA.
What are the Benefits?
- Faster settlement — funds and documents are transferred in minutes, not hours
- Greater security — digital verification reduces the risk of fraud and errors
- Real-time updates — all parties can see settlement progress as it happens
- No need to physically attend — you’re not required to be present at settlement
What Do You Need to Do?
As a buyer or seller, very little changes for you. Your conveyancer manages the PEXA workspace on your behalf. You’ll need to provide your bank account details for the receipt or payment of funds, and you may be asked to verify your identity digitally.
FC Conveyancing and PEXA
FC Conveyancing is a registered PEXA user. We routinely conduct electronic settlements for our clients, ensuring fast, secure, and seamless outcomes. Contact us to find out more.