For the first time ever Victorian lawyers and conveyancers can sign on to PEXA to complete online property transfers
Property Exchange Australia Ltd (PEXA) launched full online property transfer functionality in Victoria last week, bringing Australia a step closer to a world first national e-Conveyancing platform.
In June 2014, with the support of the big four banks, Victorian property lawyers and conveyancers were able to lodge and remove caveats but now, for the first time ever Victorian practitioners are able to sign on to PEXA to complete online property transfers.
Marcus Price, PEXA CEO said, “This marks a huge milestone in PEXA becoming the first truly national online property exchange and settlement platform in the world.
“We’ve been able to coordinate all parties in New South Wales and now Victoria – a testament to the hard work of countless stakeholders and the appetite for PEXA in the property industry,” Mr Price said.
PEXA is the product of a successful national regulatory reform born out of a COAG initiative.
“Land Victoria has been working with the conveyancing industry, PEXA, and other jurisdictions for many years. Our goal is a streamlined property settlement process. We are proud to see PEXA fully functional and accessible to the Victorian property industry,” said Ian Ireson, Director Land Registration Services, Land Victoria.
For practitioners this means more efficient property lodgement and settlement. This will also lead to less room for human error, which will significantly reduce the delays and stress of property settlement experienced by home buyers and sellers.
Santina Taranto, President, Australian Institute of Conveyancers (AIC) said, “PEXA delivers long-overdue certainty for settlement and registration. Its efficiency opens up new opportunities for the conveyancing profession and property industry. Members of the AIC look forward to the benefits flowing from this truly national digital platform. This is a significant milestone with the launch of full online transfer functionality in Victoria.”
“The platform modernises conveyancing, improving cost efficiencies and almost eliminates the significant rework linked to mistakes made using traditional paper-based conveyancing,” Mr Price said.
PEXA and its Sponsors - GlobalX Legal Solutions, InfoTrack, SAI Global Property and Veda - have teams of people currently working with practitioners in Victoria to ensure they are PEXA ready.
PEXA thanked the Victorian Government, specifically Land Victoria and the Victorian State Revenue Office for their commitment and significant efforts in bringing electronic conveyancing to life in Victoria.
For more information about PEXA including how to register, please visit www.pexa.com.au
How PEXA works
• enable electronic lodgement of documents with the Land Registry
• facilitate the exchange of funds, payment of stamp duty and other third party beneficiaries
• remove the need for bank cheques at settlement and the wait that goes with them
• remove the need to physically attend settlement
Where next for PEXA?
Full functionality will launch in Queensland and Western Australia in May followed by the remaining states.