QLD Land Registry joins PEXA, helping to build the backbone of the Exchange
Queensland Land Registry joins online property exchange, PEXA.
After a significant piece of integration work, the Queensland Land Registry (Department of Natural Resources and Mines) has joined Australia’s first national online e-Conveyancing platform, PEXA.
The first Queensland transaction – a mortgage – was completed by ANZ on Tuesday 11 December 2013.
Queensland joins the Victorian and New South Wales Land Registries in allowing for the electronic lodgement of mortgages and discharges through the Exchange.
“It’s been a busy 12 months for both NECDL and our participating Land Registries and the introduction of Queensland is an incredibly important milestone for PEXA on its way to creating a truly national property exchange,” NECDL CEO Marcus Price said. “It’s the third in a sequence of installations planned for the next 12 months with our focus now on bringing the Western Australian
Land Registry on board followed by the remaining Registries.
The introduction of PEXA in Queensland means the major banks can now begin using the platform to complete mortgages, discharges and refinance transactions online in that state. It also means the Queensland Land Registry will be ready for the launch of Release 2, allowing property lawyers to transact with banks and other financial institutions to perform lodgements and settlements online including the payment of stamp duty and other third party disbursements.
“On behalf of NECDL, I’d like to thank the Queensland Department of Natural Resources and Mines for their support of PEXA. They’re really helping to build the backbone of the Exchange meaning when we launch Release 2 in the middle of next year, the major parties will be on-board and ready for practitioners to transact with”.
Queensland property lawyers can begin using the system from February 2015.