Conveyancing – The process of transferring title

Completion – When the balance of purchase price is paid, allowing the purchaser to take possession of the property

Contract – The written agreement for the sale/purchase of property

Cooling off Period – The period of 5 working days after exchange of contracts in which the purchaser has the right to “cool off” and if the purchaser does so, then the purchaser forfeits 0.25% of the sale price to the vendor.  The vendor does not have a reciprocal right.

Disbursements – Monies paid on your behalf for Certificates and reports etc.

Exchange – When signed contracts are physically exchanged between the vendor and the purchaser and become legally binding

Inclusions & Exclusions – The list of the items that are either included or excluded with the sale of the property

Mortgagee – Institution or person lending money

Mortgagor – Person borrowing money

Purchaser – Person buying the property

Settlement – When the balance of purchase price is paid, allowing the purchaser to take possession of the property

Vendor – Person selling the property

Verification of Identity (VOI) is an identification process that supports the e-Conveyancing compliance framework. Once verified, PEXA network members can collaborate and transact efficiently online, enabling successful electronic lodgement and settlement of conveyancing matters

PEXA is Australia’s online property exchange network. It assists members – such as lawyers, conveyancers and financial institutions – to lodge documents with Land Registries and complete financial settlements electronically. PEXA was formed in 2010 to fulfil the Council of Australian Governments’ initiative to deliver a single, national e-Conveyancing solution to the Australian property industry. It was originally known as National e-Conveyancing Development Limited. PEXA is committed to supporting the property industry as it transitions towards a 100% digital conveyancing process that’s fast, safe and efficient