PEXA Fees Updates: What to Expect from 1 July 2023
Upcoming PEXA Fees Updates which a property lawyer and conveyancer should be aware of…
Lawyers and conveyancers who regularly use PEXA for property transactions should familiarize themselves with the revised fee structure.
Understanding the changes will enable practitioners to provide accurate cost estimates to their clients.
What is PEXA?
PEXA is an online property exchange platform that enables electronic settlements and lodgments. It eliminates the need for manual paperwork, offering a secure and efficient way for legal practitioners, conveyancers, and other relevant parties such as banks to complete property transactions.
The platform allows multiple parties involved in a property transfer to communicate, collaborate, and settle digitally, providing convenience and transparency.
PEXA has become an integral part of Australia's property settlement process which helps in streamlining transactions and revolutionizing the way property is bought and sold.
What’s included in PEXA fees?
Each transaction carried out on the PEXA incurs a transaction service fee, which is charged by PEXA to the subscriber. This fee is calculated based on the type of transaction and the jurisdiction.
The PEXA fees are in addition to any other fees charged by government agencies, such as the NSW Land Registry Services.
What’s the benchmark for PEXA Fees update?
The PEXA fees are regulated by the Australian Registrars' National Electronic Conveyancing Council (ARNECC), which sets the maximum fees that can be charged for electronic conveyancing transactions in Australia. The ARNECC fees are reviewed annually, and any changes are announced in advance to allow customers to plan accordingly.
How’s the updated PEXA fee structure looks like?
Some specific fee structures may vary depending on state or territory requirements.
We list down some of the most frequently used services, prices for which will be adjusted as follows from 1 July 2023:
|
Transaction Type |
PEXA Fees (incl GST) |
|
Transfer Titles, Transfer by Third Party, Transfer of Interest with Financial Settlement |
$132.66 |
|
Transfer of Interest |
$88.33 |
|
Encumbrance, Withdrawal of Encumbrance, Survivorship (Notice of Death), Survivorship (Notice of Death) with Financial Settlement, Transmission, Transmission with Financial Settlement, Transmission direct to beneficiary (NSW only) |
$42.02 |
|
Caveat, Withdrawal of Caveat |
$18.70 |
|
Caveat with Financial Settlement, Withdrawal of Caveat with Financial Settlement |
$35.86 |
|
Lease, Surrender of Lease with Financial Settlement, Mortgage, Mortgage with Caveat Withdrawal |
$49.83 |
|
Lease with Financial Settlement, Mortgage with Financial Settlement, Mortgage (Express Refinance) |
$66.33 |
|
Surrender of Lease, Discharge of Mortgage |
$23.98 |
|
Discharge of Mortgage with Financial Settlement, Discharge of Mortgage (Express Refinance) |
$48.95 |
|
Priority Notice, Priority Notice Withdrawal |
$10.56 |
|
Priority Notice Extension |
$5.28 |
Moving Forward
There is no doubt that lawyers and conveyancers have been able to leverage the benefits of PEXA in streamlining their processes, enhancing efficiency and ultimately delivering better outcomes for their clients.
It is now time to seize the moment and update your costs agreement and disclosures with these updated amounts.
