The national e-conveyancing system, – to be known as “PEXA” (Property Exchange Australia) – is intended to remove the requirement to use paper based systems for completing property conveyancing transactions, including the transfers of title and mortgage related aspects, and the various payments which are involved. NECDL (National E-Conveyancing Development Limited) – the company charged with developing a national electronic system for property exchange – has also acquired the intellectual property for e-conveyancing held by various state governments. This will enable it to fast track development and to converge the exisiting parallel work which the governments have done.
PEXA is expected to move into an initial operational stage in late 2012 after which the first property transactions will occur.
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