Australia’s first national e-Conveyancing platform, PEXA, recently launched its full functionality offering in New South Wales. Now, property lawyers and conveyancers will be able to complete property transfers, including lodgement and financial settlement, online through the PEXA 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.
PEXA offers a secure online platform for property transactions, including land registries and financial institutions, property lawyers and conveyancers to transact together. It delivers significant time and cost efficiencies to the conveyancing industry by reducing the time spent preparing documents and removing the need to physically attend settlement.
Since its first standalone transaction – a discharge of mortgage – occurring between the Commonwealth Bank of Australia and Land Victoria in June 2013, 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.
For more information about PEXA including how to register, please visit www.pexa.com.au.