E CONVEYANCING IS HERE

Buying and selling property is set to become simpler, quicker and more transparent thanks to the roll-out of Australia’s first national e-conveyancing platform, PEXA.

PEXA is owned and operated by Property Exchange Australia and is a national property exchange open to all States and Territories, banks, non-banking financial institutions and property lawyers and conveyancers.

The new online platform is set to remove the manual processes and paperwork associated with the exchange of property and will provide significant benefits for purchasers and vendors through time savings, greater transparency and immediate access to the proceeds of sale.

Essentially, the new streamlined process will allow lodgements and property settlements to be completed online in a simple transaction including the disbursement of funds.

With e-Conveyancing, a vast range of transactions can now take place online, including;

• Lodging the Land Title dealing documents and related instruments needed to register changes in property ownership and interests

• Allowing the different and accredited parties involved in the transaction to view and complete the documents to conclude the property exchange or transaction

• Allowing for the electronic settlement of all financial transactions at a nominated date including settlement monies, duties, taxes and any disbursements

• Lodging electronically Land Title instruments for registration with the relevant State or Territory Land Registry for electronic processing.

With close to a million property transactions potentially occurring each year, the unique PEXA platform will provide tangible time and cost efficiencies to the conveyancing industry by reducing the time spent preparing instruments, removing the need to physically attend settlement and using technology to greatly reduce the prevalence of errors and failures in land transactions.

PEXA Subscribers (lawyers and conveyancers) will be able to open an online workspace where the registry documents and settlement schedule are created and information is shared with all parties to the transaction.

All participants must be PEXA Subscribers to perform an online property transaction by first registering with PEXA. There is no joining fee or cost per user with PEXA operating on a pay-per-transaction model. Pricing is currently being finalised. 2
Once preparation is complete and the settlement date and time is reached, PEXA will automatically lodge documents with the Land Registry, exchange loan funds and pay stamp duty and other third party beneficiaries (provided that certain criteria have been met).

PEXA does not require the use of bank cheques and there is no need to be logged in during an electronic settlement. The new platform also ensures that settlement between financial institutions occurs in real time. Typically, disbursements will appear in the destination account within 24 hours of settlement.

About Riverside

Principle Settlement Agent, Jan Bullen is the Licensee and holds a Settlement Agents License as required by the Settlement Agents Act 1981. With a background including banking and finance Jan also holds a Diploma in Financial Services (Conveyancing).