Licensed conveyancers who wish to settle property transactions online can use the national electronic conveyancing system operated by Property Exchange Australia Ltd (PEXA).
To conduct electronic settlements, you can use your own general trust account linked to PEXA or transfer your clients’ funds to a financial institution, if it is a subscriber to PEXA.
If your financial institution is not subscribed with PEXA or your trust account is not linked to PEXA, you can transfer electronic funds to the PEXA source account. This is an account in the name of, and administered by PEXA, that can receive funds from external parties.
If you do not have a trust account, your client can also transfer funds or deposit a cheque directly into the PEXA source account.
You must have your client’s authority to issue directions to PEXA to disburse any funds held upon settlement.
If you use the PEXA source account, be aware that:
- PEXA is not liable for any loss arising out of a dealing with settlement money if it has acted in compliance with your instructions
- your client or the buyer may only be entitled to claim on the Victorian Property Fund (VPF) if you are responsible for the loss
- it is not a trust account under the Conveyancers Act 2006 and is not subject to the audit regime of the Act, and
- interest on the account accrues to PEXA, not the parties to the transaction or the VPF.
For more information, visit the PEXA website.
Where to next:
Lodge your annual statement
See the forms we provide for conveyancers to use
Learn about trust account obligations for conveyancers
Learn your business rights and responsibilities under the Australian Consumer Law
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