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Exchange Australia (PEXA)
Like the ASX did for the exchange of shares, Property Exchange Australia (PEXA) will remove the manual processes and paperwork associated with the exchange of property by allowing Land Registries, Financial Institutions and Practitioners to transact together, online.
PEXA will provide tangible time and cost efficiencies to the conveyancing industry by reducing the time spent preparing instruments, removing the need to physically attend settlement and using technology to greatly reduce the prevalence of errors and failures in land transactions.
For the Australian community, this means a direct saving on the purchase and/or sale of their property based on reductions in disbursements and the increased efficiency of the settlement process.
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