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2015 is set to be an exciting year for practitioners across Queensland who carry out conveyancing. In February 2015, it is expected that registration with the Property Exchange Australia (PEXA) will open for PEXA subscribers, being property lawyers and conveyancers. At this stage it is expected that the E-Conveyancing “go live” date may be as early as May 2015.
The PEXA system is proposed to operate where PEXA subscribers, such as property lawyers and conveyancers,will have accessto an online worksite. Here they will be able to schedule Settlements and share information regarding the transaction with other parties to the Contract such as a Seller or Buyer and their respective financiers. Once settlement calculations, date and time are agreed, PEXA will then have the ability to lodge the requisite transfer documents with the Titles Office, exchange the settlement monies between the respective financiers or the respective parties and account to the Office of State Revenue for Stamp Duty.
It is expected that this fully online portal will provide property practitioners with time savings. Currently it is not unusual for our conveyancing staff to spend upwards of an hour or more trying to schedule settlements with other conveyancers and more particularly their respective financiers.
We expect to have further information about this proposed EConveyancing system in the coming months and will endeavour to keep our clients and readers updated in this regard.
About the author
Paul Formosa
Director
LLB
Paul commenced employment with Macrossan and Amiet in late 2010 and was admitted as a Solicitor of the Supreme Court of Queensland at Rockhampton in 2012.
Born and bred in Mackay, on completion of his senior schooling Paul moved to Townsville to obtain his Bachelor of Laws at James Cook University.
Paul provides clients with advice and assistance with a wide variety of legal matters with a focus on the areas of commercial law, securities law, property law (with a particular interest in rural transactions), and succession planning. In 2016 Paul undertook intensive and specialised migration law training enabling him to assist clients in relation to a wide variety of migration law enquiries including Business Visas, Family Visas, Skilled Visas and Employer Sponsored Visas.
Paul is married to Janelle, and they have three daughters, Lucia, Harriet and Josephine. Being fishing tragic, Paul enjoys spending weekends with his family out in the boat around Seaforth
Paul is available by appointment in Proserpine.
About Macrossan & Amiet Solicitors
For over 100 years, Macrossan & Amiet Solicitors has been a leading local law firm in Mackay, with offices in Proserpine and Cannonvale servicing the Whitsundays region. Our experienced solicitors provide professional legal services to individuals, families and businesses across regional Queensland.
Whether you need representation in court, assistance buying or selling property, or advice on protecting your assets, our Mackay lawyers are committed to achieving the best possible outcome for you.
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