E-conveyancing is now available in Victoria, NSW and soon Queensland via Property Exchange Australia (PEXA). It will be rolled out to become available in other Australian states later this year and in 2016.
E-conveyancing is 'cloud' software that will enable conveyancers and solicitors to complete residential sales transactions online, as long as all the parties are subscribers to PEXA. This means that settlement for exchanges in contracts for the sale of land will not need to be completed in person. It allows the conveyancers, solicitors, financial institutions and land registries involved in the transaction to all communicate online, simultaneously.
Documents can also be electronically signed, allowing the entire process to be carried out in a virtual atmosphere. As long as your identity has been verified (which can be done via Australia Post), you will not need to meet the solicitor or conveyancer involved in your transaction.
The dates for the roll-out for PEXA in the various states are as follows:-
Vic: June 2014
NSW: November 2014
QLD: May 2015 (registrations now open)
SA: October 2015 (registrations will be open)
WA: May 2015
So, if you have a conveyancing matter that needs to be attended to, make sure they are a subscriber to PEXA, as doing business in the Cloud always seems to make life that much easier. Think back to that time before internet banking and you may get an idea of just how industry changing this technology may turn out to be.
This article contains information of a general nature only and is not specific to your circumstances. This is not legal advice and should not be relied upon without independent legal or financial advice, specific to your circumstances.