Conveyancing · settlement
PEXA settlement, explained
Queensland property settlements are electronic. There is no cheque handover and nothing for you to attend — but plenty that has to line up behind the scenes. Here is what actually happens between the contract going unconditional and the keys being released.
The six steps of an electronic settlement
Step 1
A workspace is created
Once the contract is unconditional, your solicitor opens a PEXA workspace for the property and invites the other side's solicitor and both banks into it. Everything from that point happens in one shared online file.
Step 2
You verify your identity
You complete a verification of identity — in person, or remotely by video with an approved provider — and sign a client authorisation that lets us sign the transfer electronically on your behalf.
Step 3
Documents are prepared and signed
The transfer is prepared in the workspace, duty is assessed and paid, and any mortgage or release of mortgage is added by the banks. Each party digitally signs their part.
Step 4
Funds are balanced
The financial settlement schedule is built: loan advance, deposit release, payout of the seller's mortgage, rates and water adjustments, and the balance to the seller. Both solicitors must agree it to the cent before settlement can proceed.
Step 5
Settlement runs at the booked time
At the appointed time PEXA checks everyone is ready, moves the money through the Reserve Bank, and lodges the transfer and mortgage with Titles Queensland automatically. It takes minutes.
Step 6
Keys and confirmation
We tell you the moment it is done so the agent can release the keys, then notify council, the water authority and any body corporate of the change of ownership.
Why settlements still get delayed
The platform is reliable; the people feeding it are the variable. A lender that certifies funds at the last minute, a payout figure that moves because of a direct debit, an unsigned client authorisation, a body corporate certificate that arrived late, rates adjustments that do not agree — these are what push a settlement into the next day, and every one of them is avoidable with the workspace built early. We prepare and balance well ahead of the booked slot rather than on the morning, and you hear from us if something is at risk.
Electronic settlement also does not reduce the legal work in front of it. The contract conditions, disclosure, title issues and adjustments are where money is won and lost. The settlement itself is the last five minutes.
Where we settle
We settle Queensland-wide from two offices — 40 Theresa Street, Golden Beach QLD 4551 and 15 Fortune Street, Scarborough QLD 4020, both by appointment. Because settlement is electronic, where you live makes no difference to how the transaction runs.
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Who runs your settlement
Michael Klein
Legal Practice Director
Admitted 2003. Based in Redcliffe, Moreton Bay.
Read Michael's profile
PEXA settlement questions
What is PEXA?
PEXA (Property Exchange Australia) is the electronic conveyancing platform used for almost all Queensland property settlements. Instead of solicitors and bank officers meeting to swap cheques and paper titles, the transfer is signed digitally, funds move through the Reserve Bank, and the dealing is lodged with Titles Queensland automatically at the settlement moment.
Do I have to attend settlement?
No. Queensland residential settlements are electronic, so there is nothing to attend. You verify your identity, sign a client authorisation, and your solicitor runs the settlement in the workspace. Most clients are at work when their property settles.
What time does PEXA settlement happen?
Settlements are booked in a time slot during business hours, commonly between 10am and 4pm. The slot is agreed between the two solicitors and the banks. Funds typically clear into the seller's account the same day when the receiving bank is part of the electronic network.
Can an electronic settlement still fail?
Yes, though far less often than paper settlement did. The usual causes are practical rather than legal: the incoming bank has not certified the loan funds, a payout figure has changed, a party has not signed in the workspace, or the balancing figures do not match. Because everything is visible in the workspace beforehand, most of these are caught a day or two out — which is exactly why we build the schedule early rather than on the morning.
What does PEXA cost?
PEXA charges a transaction fee per dealing, which is part of the disbursements on your settlement statement along with searches and Titles Registry lodgement fees. It is passed on at cost. Our professional fee is fixed and quoted before we start.
Can I settle from interstate or overseas?
Yes. Identity verification can be done remotely through an approved provider, documents are signed electronically, and the settlement itself is online. We act regularly for buyers and executors who never set foot in Queensland during the transaction.
Contract signed, settlement to run?
Send it through and we will open the workspace, diarise every date and confirm a fixed fee. Call 0488 340 853.