The roll-out of e-conveyancing has been continuing across Australia. In Western Australia, Victoria and New South Wales, transactions with the major banks such as mortgages, discharges and refinances can now be conducted using e-conveyancing. This is facilitated by Property Exchange Australia, or PEXA, which works alongside the state land titles offices to administer online settlements.
In 2015, full functionality for e-conveyancing will be introduced to Western Australia, so that property lawyers and conveyancers can conduct transfers of land, caveats and withdrawals of caveats online. The roll-out in other states will be completed in the last quarter of 2014 and 2015.
Once the roll-out is complete, it is expected that a number of property settlements will be conducted online. However, the e-conveyancing system is not intended to replace the existing paper system but work alongside it. Parties will have the option to use an online or manual settlement, depending on the circumstances. It is expected that the functionality of e-conveyancing will be increased over time.