NECDL is the National e-Conveyancing Development Limited; a company formed in 2010 to deliver a national electronic conveyancing solution to the Australian property industry. Property Exchange Australia (PEXA) is the result and the purpose built system which with its successful launch brings property exchange in Australia into the 21st. As such it marks the beginning of Release 1, allowing banks and other financial institutions to perform standalone mortgages, discharges and refinances online.
Eventually PEXA will support the exchange of property through the ability to perform lodgements and property settlements online in a simple transaction. This includes new mortgages, mortgage discharges, transfer of ownership, settlement, caveats and notices in one easy to use, intuitive, online platform.
A staggered release will be employed with the remaining non major banks, financial institutions and states joining the Exchange from the start of 2014.
Release 1 of PEXA builds the backbone of the Exchange and it means that when Release 2 is launched in the middle of next year, all the major parties (banks and other third party institutions) will be on-board and ready for lawyers and conveyancers to transact with in performing property lodgements and settlements online including the payment of stamp duty and other third party disbursements.
Broadly speaking PEXA will provide an electronic environment to:
- Lodge the Land Title dealing documents and related instruments needed to register changes in property ownership and interests.
- Allow the different and accredited parties involved in the transaction to view and complete the documents to conclude the property exchange or transaction.
- Allow for the electronic settlement of all financial transactions at a nominated date including settlement monies, duties, taxes and any disbursements.
- Lodge electronically Land Title instruments for registration with the relevant State or Territory Land Registry for electronic processing.
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