A secure platform to deliver online property transactions is now available in Queensland and Western Australia
A secure platform to deliver online property transactions is now available in Queensland and Western Australia.
Financial Institutions have had the functionality to undertake new mortgages, discharges and refinancing transactions since 2014 in Western Australia and 2013 in Queensland.
Western Australia update
Practitioners can begin processing caveats and transactions.
Read about the first notable WA transactions here.
Caveats and settlement notices are now live for Queensland.
However, the revised duties act is currently before the Queensland State Parliament. Pending that outcome and other contractual matters, PEXA will advise the date when Queensland transfers can be legally undertaken in the state.
All parties need to transact to boost online settlements
Marcus Price, PEXA CEO said e-conveyancing will bring Queensland lawyers and Western Australian settlement agents/lawyers faster, safer and more efficient property settlements.
“That’s the bottom line. Australians buying and selling homes will increasingly become aware that there’s a better way to transact. The good news is that we are building national momentum with our goal of bringing practitioners – and ultimately consumers - a nationwide online platform,” he said.
“We are now getting critical national uplift with financial institutions and legal and conveyancing firms turning to a digital solution that will increasingly see electronic conveyancing becoming more and more popular. But all parties need to participate for settlements to be electronically completed.
Practitioners can claim CPD points by attending PEXA training
“To make that happen, we’re reaching out so that practitioners can claim CPD points by attending PEXA’s complimentary training sessions. Above all, we’re getting some great feedback about our face-to-face training sessions.”
PEXA fact file at May 2015
1,500 plus practitioners (lawyers, financial institutions and conveyancers/settlement agents) are active or joining
24,000 plus nationwide transactions and growing daily
Almost $1.5 billion in property value has been transacted through PEXA
97% of banks and financial institutions by market share will have joined by the end of 2015