Property Exchange Australia (PEXA) launched full online property transfer functionality in Victoria last week, bringing Australia a step closer to a “world-first” national e-Conveyancing platform.
In June, Australian Broker reported
that with the backing of the big four banks, Victorian property lawyers and conveyancers were able to lodge and remove caveats. Now, Victorian practitioners are able to sign on to PEXA to complete online property transfers.
Marcus Price, chief executive of PEXA, said this is a testament to the appetite for PEXA in the property industry, and when it rolls out nationally it will be the first truly national online property exchange and settlement platform in the world.
“The platform modernises conveyancing, improving cost efficiencies and almost eliminates the significant rework linked to mistakes made using traditional paper-based conveyancing,” he said.
Santina Taranto, president of the Australian Institute of Conveyancers (AIC), says it has revolutionised his business – increasing efficiency and significantly reducing the delays and stress of property settlement experienced by home buyers and sellers.
“PEXA delivers long-overdue certainty for settlement and registration. Its efficiency opens up new opportunities for the conveyancing profession and property industry. Members of the AIC look forward to the benefits flowing from this truly national digital platform. This is a significant milestone with the launch of full online transfer functionality in Victoria last week,” Taranto said.