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Online Property Settlement Platform

Discussion in 'The Buying & Selling Process' started by alexm, 4th Jul, 2016.

  1. alexm

    alexm Well-Known Member

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  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Its already been happening for about 2 years in NSW now.
     
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  3. Perthguy

    Perthguy Well-Known Member

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  4. Perthguy

    Perthguy Well-Known Member

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    I didn't realise that COAG has agree to implement this nationally.

    Electronic conveyancing

    Providing efficient settlement of property transactions
    The Council of Australian Governments (COAG) decided that National Electronic Conveyancing (NEC) should be implemented to provide an efficient and effective national platform for the following processes:
    • electronic settlement of real property transactions
    • electronic preparation and lodgment of documents with land registries
    • electronic payment of associated duty and tax obligations.
    NEC introduces a more efficient and convenient way of settling property transactions and lodging documents at Landgate. It augments the paper channel for property transactions and does not replace it.

    Property Exchange Australia Ltd (PEXA) provides and operates the first Electronic Lodgment Network(ELN). In June 2014, PEXA successfully implemented release 1 of NEC in Western Australia, with mortgages and discharges of mortgage becoming eligible for electronic lodgment at Landgate.

    Release 2 was implemented in May 2015 and enabled caveats and withdrawals of caveat to be lodged electronically through the PEXA ELN. In June 2015, transfers became available for electronic lodgment.

    The May/June 2015 release marks the first time that settlement agents, legal practitioners and financial institutions are able to lodge mortgages, discharges of mortgage, transfers, caveats and withdrawals of caveat electronically in Western Australia.

    Electronic conveyancing - Landgate
     
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  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    It's been rolled out in Victoria. I don't know much about it myself, but one conveyancer I spoke with suggested it was actually costing them more to use at this point in time.
     
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  6. Digi-Savvy

    Digi-Savvy New Member

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    Hi Perthguy. Thanks for your comment. The good news is that WA has been live for property transactions since June 2015. About 275 lawyers and conveyancers are now signed up to the Property Exchange Australia network - called PEXA. The banks are also working towards a 100% digital future for online property transactions. Cheers
     
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  7. maybellz

    maybellz Member

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    We are joining up with PEXA - just had them come out today for the first time.
     
  8. larrylarry

    larrylarry Well-Known Member

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    It will get better as more firms sign up for it from NSW experience.