PEXA is an electronic settlement platform, meaning that instead of each parties’ conveyancers and banks meeting in person to hand over paper documents and cheques, the entire transaction takes place online. Electronic settlements were made compulsory by the Victorian government in 2018.
As of the time of writing, PEXA is the only electronic settlements platform. The fee to conduct a settlement on PEXA starts at $112.64 and can vary depending on the number of titles being transferred. This fee is required to be paid for every settlement.