The Move to Electronic Conveyancing
From July 2019, all mainstream transaction must be lodged electronically. This includes the following transactions:
- Discharge of mortgage
- Withdrawal of caveat
- Transmission application
These documents are lodged electronically with the NSW Land Registry Services through PEXA (Property Exchange Australia). PEXA is Australia’s online property exchange network. It assists members – such as lawyers, conveyancers and financial institutions – to lodge documents with Land Registries and complete financial settlements electronically. eConveyancing allows lawyers, conveyancers and financial institutions to enter a secure, online workspace where they can interact and transact together online.
Within that digital environment, information can automatically feed in from the original source and can populate all documentation while the system cross-checks that information. Documents are created, signed and lodged in the online environment. Gone are the days of the physical settlement rooms which resembled a loud stock market scene.