An electronic conveyancing exchange is moving towards its next development stage in October, when participants in New South Wales and Victoria will be able to complete property transfers and financial settlements on its online platform.
PEXA, which stands for Property Exchange Australia, said it would support new mortgages, mortgage discharges, refinances, notices, caveats and transfers from October.
Initially the service will be available in Sydney and Melbourne but PEXA hopes to have "regional hubs" operating on the system by February next year, the company said.
The first will be in Wollongong, NSW. PEXA said these hubs will form “community networks”, to allow practitioners to all transition to e-conveyancing together.
Western Australia will be able to join from May next year.
Currently all four major banks are signed up to the PEXA system and use it to process stand-alone discharges and lodgements of mortgages where there are no other documents involved.
All the land titles offices of Western Australia, Victoria, New South and Queensland are also involved, and earlier this month PEXA announced that Suncorp, Bankmecu and Teachers Mutual Bank had joined.
The next stage of development will bring solicitors and conveyancers into the system.
PEXA supports the exchange of property by allowing participants to perform lodgements and property settlements on one online platform. This includes new mortgages, mortgage discharges, transfer of ownership, settlement, caveats and notices.