real estate South Coast Property Specialists (Carlene Franzen) Tips #1083:
PEXA Key - A Free App to Track Your Settlement Many will now be aware that most if not all property settlements are done electronically on platforms such as PEXA (Property Exchange Australia Ltd). In days gone by, the solicitors/ conveyancers and banks from both sides of the sale would physically sit in a room and settle a property and hand over relevant documents. PEXA enables all this to be done electronically saving a huge amount of time and ensuring all the checks and balances are in place prior to the settlement date.
PEXA also provides a free app called PEXA Key. The PEXA web site describes the app as: “PEXA Key, an awardwinning secure app which enables Australian buyers and sellers the opportunity to track their settlement’s progress in real-time, communicate critical information such as payment directions to their representative, and removes the need to engage via unsecure communication channels, such as email. The app also offers educational material for buyers and sellers on what to expect when transacting property, useful checklists and acts as a one-stop-shop to take as much stress out of the settlement and moving process as possible.”
One of the key (excuse the pun) aspects of the app is being able to securely advise your conveyancer details such as bank account numbers. There have been instances where criminals, who have known a property has sold and is about to settle, have sent bogus emails impersonating a vendor and providing their bank details, so any system that minimises these types of fraud are well worth looking into.
Interestingly, PEXA has just announced a partnership with a new home insurance company called Honey who are positioning themselves as an “industry disruptor” in the home insurance business. Their website claims you can obtain home insurance within 3 minutes rather than the usual 30 minutes. Mentioning Honey is certainly not an endorsement by us for anyone to use their services, but more to show how new technology platforms are modernising the real estate industry to streamline what was previously time-consuming activities in an increasingly time-poor society. beagle weekly : Vol 246 February 11th 2022
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