Since our last Real Estate Matters in February, the Electronic Conveyancing Bill 2013 (WA) received Royal Assent and became the Electronic Conveyancing Act 2014 No.2 (WA). In addition, the Participation Rules which must be observed by all users of e-conveyancing were published on Landgate’s website on 15 April 2014. This represents a significant step for e-conveyancing in Western Australia and enables Western Australia to participate in the roll-out of the national e-conveyancing system (known as PEXA).
Meanwhile, the roll-out of PEXA in other States continues to gather pace. PEXA is already being used in Victoria, New South Wales and Queensland for transactions involving the big four banks such as mortgages, discharges and refinancing, and this has now been extended to Western Australia, with the first online transaction completed on 18 June 2014..
From June 2014, the second phase, involving the practitioner roll-out schedule will commence, with Electronic Conveyancing Victoria subscribers migrating to PEXA to begin performing caveats. Further functionality across all States is expected to be deployed as follows:
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