Property settlements in Western Australia can now be conducted electronically
Property settlements in Western Australia can now be conducted electronically, with the expansion of the State's electronic conveyancing system now complete.
Lands Minister Terry Redman said settlement agents, legal practitioners and financial institutions could now engage in the e-conveyancing process to arrange settlements, pay transfer duty, financial settlements and prepare and lodge land documents via Property Exchange Australia Ltd.
"This is one of the most significant developments in the land transaction process in Western Australia since paper-based conveyancing was first introduced over 120 years ago and will revolutionise the property and conveyancing profession," Mr Redman said.
"Electronic conveyancing will reduce timeframes, improve the conveyancing process and productivity, and provide sound financial benefits to the State.
"The tangible benefit for those selling property is that, in many cases, cleared funds are in their accounts within an hour of settlement."
The Minister said the expansion of the electronic conveyancing system reaffirmed the State Government's commitment to the Council of Australian Government's reform agenda to achieve a 'seamless national economy'.
The estimated savings associated with e-conveyancing from 2011 to 2028 is expected to represent a financial benefit to WA of about $80 million.
Just over 12 months ago, banks in Western Australia began electronically creating and processing mortgages.
"The success of the Office of State Revenue's online stamp duty process, Revenue Online, and the e-conveyancing system expansion benefits sellers and buyers so there is improved certainty with settlement dates and reductions in government red tape in the land transaction process," Mr Redman said.
E-conveyancing in Western Australia is not mandatory and Landgate will continue to provide current services for the lodgement and processing of paper-based conveyancing at its Perth CBD, Midland and Bunbury offices.
IMAGE: Lands Minister Terry Redman and Registrar of Titles Jean Villani witness the first WA transaction in June 2014 following successful integration of PEXA and Landgate during PEXA Release 1.