Mid last year, June 2014, Victorian property lawyers and conveyancers were able to lodge and remove caveats with the backing of the big four banks, but now, ‘for the first time ever’, PEXA tell us that ‘Victorian practitioners are able to sign on to PEXA to complete online property transfers.’
PEXA CEO, Marcus Price said: “This marks a huge milestone in PEXA becoming the first truly national online property exchange and settlement platform in the world.
“We’ve been able to coordinate all parties in New South Wales and now Victoria – a testament to the hard work of countless stakeholders and the appetite for PEXA in the property industry.”
How did PEXA come about? As the product ‘of a successful national regulatory reform born out of a COAG initiative.’
Ian Ireson, Director of Land Registration Services at Land Victoria said: “Land Victoria has been working with the conveyancing industry, PEXA, and other jurisdictions for many years.
“Our goal is a streamlined property settlement process. We are proud to see PEXA fully functional and accessible to the Victorian property industry.”
What does it all mean?
For practitioners this means more efficient property lodgement and settlement.
We’re told that ‘this will also lead to less room for human error, which will significantly reduce the delays and stress of property settlement experienced by home buyers and sellers.’
Santina Taranto, President, Australian Institute of Conveyancers (AIC) said, “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.”
PEXA’s Price added: “The platform modernises conveyancing, improving cost efficiencies and almost eliminates the significant rework linked to mistakes made using traditional paper-based conveyancing.”
As you’d imagine, PEXA says it has a team of people currently working with practitioners in Victoria to ensure they are ‘PEXA’ ready.
PEXA thanked the Victorian Government, specifically Land Victoria and the Victorian State Revenue Office for their commitment and significant efforts in bringing electronic conveyancing to life in Victoria.
PEXA is already operational in NSW, with PEXA noting that ‘full functionality will launch in Queensland and Western Australia in May followed by the remaining states.’
Some stats on the scale of the Victorian property industry:
- Property industry value in Vic, $1.3b
- Number of properties in Vic, 2,384,400
- Average number of documents lodged to the Land Titles Offices in 2013 was over 700,000, or 2,800 per working day on average.
A quick overview on how PEXA works:
PEXA will automatically-
- lodge documents with the Land Registry
- exchange funds and pay stamp duty and other third party beneficiaries
- remove the need for bank cheques and the wait that goes with them
- remove the need to physically attend settlement