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First Practitioners Start Transacting on PEXA

First Practitioners Start Transacting on PEXA

First PEXA practitioners explain the user-friendly PEXA platform

Australia’s online property exchange, PEXA, is delighted to welcome the first Practitioners to the platform. 

The first transaction by a Practitioner was performed by Nino Galgano who successfully lodged a caveat on a Victorian Title. Property Exchange Australia Limited CEO Marcus Price, the Victorian Registrar Chris McRae and the Australian Registrars National Electronic Conveyancing Council (ARNECC) Chairman Brenton Pike were in attendance. 

“This is a major milestone for PEXA as we proudly welcome Nino Galgano to the platform,” Property Exchange Australia Limited CEO Marcus Price said. “Practitioners joining the platform today further strengthens our network in preparation for transfer and financial settlement functionality later this year”. 

The Victorian Registrar Chris McRae said, “I am very pleased for the first transaction from a Practitioner to be carried out in Victoria on the national platform. This is a natural progression from the Victorian to the national system. I congratulate PEXA on their success”. 

“It’s great to see the regulatory framework enacted as envisioned. The framework is a combination of many years of hard work from all of the Australian Registrars”, said the ARNECC Chairman Brenton Pike. 

Nino Galgano joined the PEXA platform as part of the Electronic Conveyancing Victoria (ECV) migration along with Property Lawyers and Conveyancers from Melbourne metro and regional Victoria. 

“The platform is painless and quick to use which is great! I can’t wait for full functionality to begin as I’ve been waiting for years,” Nino Galgano said as he lodged the caveat. 

Another new member of PEXA, Shakila Maclean from All Hours Conveyancing said, “the platform is user friendly and simple to navigate. It is a great opportunity to be one of the first Practitioners to join PEXA and we are excited to be early adopters ahead of the industry”. 

Initially, Practitioners will be able to perform caveat lodgements and withdrawals until full transfer and financial settlement functionality is deployed in October 2014. At this time, a number of pre-selected Practitioners in Melbourne and Sydney metro, as well as a select number of regional hubs, will join the platform. State-wide availability will occur in Victoria and New South Wales from February 2015. 

“The Australia Institute of Conveyancers (Vic Div) is pleased to acknowledge the latest milestone in the journey to a fully electronic system. The lodgement of the first Caveat through the PEXA platform is an important step and many Practitioners are looking forward to the culmination of a lot of hard work and dedication when they can fully transact a conveyancing settlement online. Congratulations to the team at PEXA”, said AIC (Vic Div) Chief Executive Officer Jill Ludwell. 

The Victorian Practitioners are joining seven transacting Banks and Financial Institutions currently performing daily online transactions across Victoria, New South Wales and Queensland. Western Australia is expected to go-live very soon. 

Picture: (L-R: Nirodya Ranasinghe All Hours Conveyancing, Brenton Pike ARNECC, Shakila Maclean All Hours Conveyancing, Chris McRae Victorian Registrar, Marcus Price PEXA, Nino Galgano) 

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