E-Conveyancing is revolutionising the way property transactions are carried out and is expected to grow substantially in Australia over the next few years.
New technology could mean that property transactions will become easier and more efficient. E-Conveyancing is revolutionising the way property transactions are carried out and is expected to grow substantially in Australia over the next few years.
Property Exchange Australia Ltd (PEXA) is a national property exchange which provide a ‘national electronic conveyancing solution’ to the Australian property market. PEXA eliminates paperwork and other manual processes that are usually involved with the exchange of property by allowing all parties involved to carry out transactions online. Not only will this make purchasing and selling property easier, but it will help reduce waiting times significantly.
When you purchase a home, the settlement process can take a number of weeks as there are a number of steps both the vendor and buyer need to complete. Settlement meetings need to be arranged, paperwork needs to be mailed, if cheques are being used then these also need to be mailed. All of these extra steps take up time.
However, with e-conveyancing, this is all done online. The parties involved are able to lodge the Land Title documents related to changing property ownership and the financial transactions (such as settlement monies, taxes, duties) can be settled electronically.
Some of the benefits for you, the buyer/vendor include:
• Easier to settle properties inter-state
• Eliminates the need for paper-based transactions
• Can reduce the settlement period as mail delays etc are eliminated
• Financial transactions will be settled without organising settlement meetings
• Able to pay fees, duties and taxes at settlement without delays
• Able to receive all confirmations of lodgements and registrations electronically
• There will be greater transparency as parties will be able to see the status of all documents in the transaction.
Victoria, New South Wales, Queensland and Western Australia are currently able to used a limited version of e-conveyancing. However, from October 2014, Victoria and New South Wales will have full functionality and the rest of the states will have access in 2015.