PEXA settlement steps in NSW

What the electronic workspace does

Legal representatives and financial institutions use the shared electronic workspace to prepare for settlement. They enter the documents, payment directions and settlement figures required for the transaction.

The platform coordinates the process. The lawyer, lender and client must decide whether a contract term is acceptable, whether finance is approved and whether the client should proceed.

What needs attention before settlement

The exact preparation depends on the contract, property, lender and parties. Buyers and sellers may be asked for different documents and confirmations, and the timing of each task can matter.

Identity and authority

Verification of identity and authority for the legal representative to act in the electronic transaction.

Transfer and duty

Transfer details and any required Revenue NSW assessment, declaration or payment step.

Lender readiness

Loan documents, mortgage or discharge arrangements, and the lender’s own settlement requirements.

Final figures

Adjustments, loan proceeds, source funds, payment directions and any amount still required before settlement.

What happens at settlement

When the workspace is ready and the participants have completed their required steps, the electronic process coordinates the movement of settlement funds and lodgement of the relevant dealings.

Clients do not ordinarily press a settlement button themselves. Their legal representative and financial institution complete their respective workspace tasks. A delay can occur when a required participant, document, figure or source of funds is not ready.

What happens after completion

After settlement, the legal representative can report on completion and the status of the electronic lodgement. The practical next steps may include confirming agent arrangements, retaining the settlement statement and attending to any issue left open by the transaction.

Registration timing and post-settlement requirements can vary. Ask which confirmations will be provided and whether anything remains for you, your lender or another adviser to complete.

Questions that can affect timing

Raise a concern early if a bank, transfer, duty amount, inspection, adjustment or required payment is unresolved. The available response depends on the contract and the facts, so a general checklist cannot determine the legal consequence of a delay.

Ask what time your settlement is booked and when each participant must be ready. This will help you identify any document, payment or lender step that still needs attention.

Finance

Has the lender confirmed its remaining requirements and expected settlement readiness?

Funds

Is the required contribution available in the form and account requested for settlement?

Figures

Have the adjustment statement and payment directions been reviewed and clarified?

Deadline

If something is unresolved, when must it be raised under the contract or with another participant?