Property settlements to go electronic
Property settlements to go electronic
Posted on Friday, May 03 2013 at 3:57 PM
The era of physical title and bank cheque exchanges during property settlements may be over with the introduction of an online property platform.
Property
Exchange Australia (PEXA) is to be the real estate equivalent of the Australian
Stock Exchange (ASX), according to a Marcus
Price, chief executive officer of the system’s developer, National
e-Conveyancing Development Limited (NECDL).
“It’s
a similar process the ASX went through when they went from share script to a
digital register,” Price says.
“It’ll
be available to solicitors, conveyancers and banks as an electronic interface
rather than the present paper-based system and we think it will be
substantially cheaper than current conveyancing.”
Price
says the system will be a world first.
“There
are electronic lodgement systems in places like New Zealand… but we’re the
first ones doing electronic settlement and lodgement concurrently.”
Information
released by NECDL indicates PEXA will allow for transactions like new
mortgages, mortgage discharges, transfers, settlements, caveats and notices to
be carried out online.
Price
says state governments and financiers are on board with the program.
“We
currently have operating contracts with two of the registries in Victoria and
New South Wales, as well as having contracts with three of the major banks.”
NECDL
sees the systems implementation as a seamless process for property settlement.
“In
an effort to provide the conveyancing and legal market with an end-to-end
solution, PEXA will be integrating with information brokers such as InfoTrack
to ensure effective and easy uptake of electronic settlements.”
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