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.
