For the very first time, property lawyers and conveyancers can now complete property transfers, including lodgement and financial settlement online through the PEXA system. It’s been a milestone fuelled 18 months for PEXA with the first standalone transaction – a discharge of mortgage – occurring between the Commonwealth Bank of Australia and Land Victoria in June 2013. Since then, ten financial institutions including the four major banks have joined PEXA and are using the system to complete discharges, new mortgages and refinance transactions across Victoria, New South Wales, Queensland and Western Australia. In June this year, they were joined by select property lawyers and conveyancers in Victoria as the ability to lodge and remove caveats was added to the PEXA product offering.
Last week saw the most significant milestone; the ability to complete property transfers online.
“For the first time, electronic lodgement and financial settlement can now be completed online through PEXA, delivering on a COAG initiative to provide the Australian property industry with a single national electronic conveyancing solution,” Property Exchange Australia Ltd CEO Marcus Price said. “e-Conveyancing has the potential to be the Australian property industry’s magnum opus. It places us years ahead of other countries in terms of efficiency gains, security and customer service. This is testament to the work of countless stakeholders across the entire industry and indeed, across the whole country.”
One of those stakeholders integral to the success of PEXA is the New South Wales Land Registry – Land and Property Information (LPI). “LPI is excited to be part of streamlining the conveyancing industry”, NSW Registrar General, Des Mooney said. “LPI has been working with the property conveyancing industry, PEXA and the other states and territories for a long time to achieve this world first national electronic conveyancing system.”
Select property lawyers and conveyancers in metropolitan Sydney and Wollongong are the first to gain access to PEXA’s new functionality followed by a similar sample in metropolitan Melbourne, Geelong and Bendigo in December. The broader New South Wales and Victorian market will be invited to begin transacting on PEXA from February 2015 followed by the remaining states. “We’re incredibly mindful that this is a new system and a new way of doing business. We need to take things slowly and make sure everyone is comfortable with the system before launching more broadly,” Mr Price said. “The integrity of the system and the user experience are paramount. We’re looking forward to sharing the feedback we receive during these early days as well as announcing the first successful online property transfer in the not too distant future."