Legislation enabling electronic conveyancing has been enacted across the majority of Australian states and territories. Lawyers in New South Wales, Victoria, Queensland and Western Australia have been invited to subscribe to PEXA (Property Exchange Australia), the platform for electronic conveyancing. Hunt & Hunt has completed registration of caveats using PEXA and is moving towards completing its first transfer of a title using PEXA.
| LOCATION | PROGRESS - WHERE ARE WE AT? |
| NSW | Live |
| VICTORIA | Live |
| QUEENSLAND | Live |
| WESTERN AUSTRALIA | Live |
| SOUTH AUSTRALIA | Currently targeting early May 2016 |
| TASMANIA | Date in 2016 not yet confirmed |
| NORTHERN TERRITORY | Date in 2016 not yet confirmed |
Legislation enabling electronic conveyancing has been enacted across the majority of Australian states and territories. Lawyers in New South Wales, Victoria, Queensland and Western Australia have been invited to subscribe to PEXA (Property Exchange Australia), the platform for electronic conveyancing. Hunt & Hunt has completed registration of caveats using PEXA and is moving towards completing its first transfer of a title using PEXA.
PEXA allows its subscribers to complete, in an electronic workspace, transactions such as transfers of titles, lodgement and withdrawal of caveats, registrations of mortgages and their discharges, refinances and others. PEXA transfers of titles cannot be completed in Queensland until amendments to the Duties Act 2001 (Qld) receive royal assent, which is expected to occur soon.
It is expected that PEXA will be available in South Australia,
Tasmania and the Northern Territory later in 2015.
PEXA subscribers must adhere to the Model Participation
Rules (Rules) created by ARNECC (the Australian
Registrars' National Electronic Conveyancing Council). Recently
ARNECC has consulted with stakeholders including the legal
associations and banking sector, and based on the feedback
received, it is expected that an amended, more user-friendly form
of Rules will be circulated in the near future. Subscribers have
asked that the updated Rules make practical improvements to the
"safe harbour" mechanism, making it clearer which steps
lawyers and banks must take to be protected from claims arising
regarding fraud, stolen identity and more. This aspect largely
centres on the relationship between an initial verification of
identity and the later signing of transfer documents.
Hunt & Hunt will provide further updates as the updated Rules are circulated and as PEXA is further rolled-out.
USEFUL LINKS
What does it mean for your business
Hunt & Hunt Property Newsletter 2014
Hunt & Hunt Property Newsletter 2013
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
