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A PEXA fee is a mandatory charge for using the Property Exchange Australia (PEXA) platform to facilitate electronic property settlements.
It’s essentially a transaction fee that covers the costs of using the platform’s services, such as pre-populating land registry data, verifying documents, and distributing funds electronically. The specific fee varies depending on the type of transaction.
A Breakdown of What a PEXA Fee Covers
1. Electronic Lodgment
PEXA is the platform used for electronic lodgment of property transactions, and the fee covers the cost of using this system.
2. Data Pre-population
PEXA pre-populates land registry data, reducing the need for manual re-keying and potential errors.
3. Verification Checks
The fee covers lodgment verification checks to ensure documents are correctly prepared and can be lodged successfully.
4. Title Activity Monitoring
PEXA monitors title activity up to the point of settlement.
5. Electronic Funds Disbursement
The fee covers the secure and efficient electronic distribution of cleared funds to designated bank accounts.
6. Secure Digital Signatures
PEXA uses secure digital signature technology for legally binding transactions.
7. Stamp Duty Verification
PEXA verifies stamp duty payments with the relevant authorities.
Important points about PEXA fees
1. Varying fees
The amount of the PEXA fee can vary depending on the specific transaction type (e.g., transfer of title, mortgage registration, discharge of mortgage).
2. GST is included
The PEXA fees quoted typically include GST.
3. Paid by participants
The PEXA fees are generally paid by the parties involved in the transaction, such as the buyer and seller.
4. Not the same as Land Registry fees:
PEXA fees are separate from the statutory lodgment fees charged by the Land Registry (which vary by jurisdiction).
Examples of Land Registry fees in Victoria:
- Transfer: A title transfer will cost between $101.50 and $3,611.00, depending on the consideration.
- Mortgage Registration: A new mortgage registration will cost $125.70.
- Discharge of Mortgage: The fee for discharging a mortgage is also $125.70.
To know more about PEXA fee, we will be glad to discuss and explain each detail to you. Contact Glenferrie Conveyancing at 03 9815 2351.
