Frequently Asked Questions - Page 2

At the settlement time, the Workspace will Lock.

Where funds are being provided from the practitioner’s Trust Account, PEXA will send payment instructions to the practitioner’s financial institution to move funds from their trust account to the financial institution’s internal account.

Upon confirmation that funds have been transferred, PEXA will then send a funds reservation request to the RBA to reserve funds in the financial institution’s exchange settlement account (ESA). After funds reservation, documents are lodged with the Land Registry. Settlement funds are then exchanged between ESAs and disbursed.

It is important to note that while trust accounts can be registered as a source account in your profile, PEXA does not access a practitioner’s trust account.

No, you do not need to be logged in during an electronic settlement.

As of June 2016, there are over 2,500 businesses able to settle online via PEXA.

Before beginning any transaction, you can search the PEXA Membership list to ensure all parties to the transaction are also members.

Searching from within the PEXA platform

Simply click 'Subscriber Search'  in the Main Menu

Enter the Subscriber’s name to search for them in PEXA.

If the counterparty is not a PEXA Member, you can then submit a request to PEXA to contact them  and initiate the on-boarding process so the settlement can be completed online.

A PEXA fee is charged to each Subscriber in a Workspace upon successful completion of a transaction through PEXA. The fee will vary based on the type of transaction being completed. 

For example, if you’re acting for the outgoing proprietor in a property transfer, you will pay the transfer title fee.

For all the details on fees, please refer to our Pricing page on our website. You'll also be able to download a PDF version of the most current fees. 

The fee includes:

• Document creation
• Lodgement support services: pre-population of registry data, lodgement verification and automatic title activity checks
• Digital signature security
• Document lodgement with the land registry
• Stamp duty verification
• Lodgement gap cover; cover under the signed Representative Subscriber Participation Agreement (PA) whereby PEXA assumes responsibility for any loss incurred (subject to conditions set out in the PA) when an intervening dealing impacts registration of a covered dealing
• Electronic settlement booking
• Financial settlement
• Electronic third party disbursements

Where a transaction involves financial settlement (such as a Transfer), the fee is automatically added as a line item in the Financial Settlement Schedule. There is no cost if a Workspace is abandoned and the settlement is not completed in PEXA. Where the transaction does not involve financial settlement (such as a caveat), the PEXA fee is direct debited from your nominated account.

Lodgement Fees
Lodgement Fees are charged by Land Registries when documents are lodged. These fees are provided by the Land Registries when Lodgement Verification is performed.

Fee changes explained

If a fee change is introduced on 1 July, what about Workspaces prepared before 1 July but settling/lodging after 1 July ?
Workspaces with Financial Settlement: PEXA fees will automatically update in the Financial Settlement Schedule for Workspaces settling on or after 1 July when Lodgement Verification is triggered. Please allow for these updated figures in their calculations.
Workspaces without Financial Settlement: PEXA fees will be assessed based on the time of the last Lodgement Verification (these include Caveats, Settlement Notices, Mortgages and Discharges).