The Electronic Conveyancing Bill 2013 (WA) was introduced late last year. The proposed legislation is the first step towards e-conveyancing in Western Australia.
The national e-conveyancing system was developed by National Electronic Conveyancing Development Limited. The system is known as PEXA, which stands for “Property Exchange Australia”. PEXA is a web-based service which will facilitate the preparation and settlement of property transactions including the electronic lodgment of documents at the relevant land title registry and the payment of funds for the associated financial transaction.
Release 1: PEXA is already in use in Victoria, New South Wales and Queensland for transactions involving the big 4 banks such as mortgages, discharges and refinancing. It is expected that the Western Australian parliament will pass the Electronic Conveyancing Bill 2013 (WA) and make e-conveyancing available through Landgate in the first quarter of 2014.
Release 2: The ability to perform other transactions such as online settlements, transfers and the lodgment of caveats will commence in Victoria and New South Wales in the second half of 2014. For Western Australia, this is not expected to occur until 2015.
PEXA will be a secure site and only registered subscribers such as lawyers, conveyancers and financial institutions will be able to use the system on behalf of their clients.