e-Conveyancing

All You Need to Know about e-Conveyancing

What is e-Conveyancing/Electronic Conveyancing?

The term “Electronic Conveyancing” refers to a conveyancing transaction settled electronically through the platform provided by Property Exchange Australia Limited (PEXA).

What e-Conveyancing does?

E-conveyancing is effectively a virtual settlement room that stores the data required for lodgement of dealings at Land Victoria and the transfer of funds at settlement. At a nominated time the funds are transferred and data lodged. It is not involved in the other aspects of the conveyancing transaction.

Why use e-Conveyancing?

• Less manual processes and paperwork associated with property settlement by enabling lawyers, conveyancers and financial institutions to transact together online,
• Availability to lodge documents and complete financial settlements electronically,
• Reduction of risk associated with errors and delays, giving all parties greater certainty of successful, on-time settlement,
• Greater assurance and protection for parties that dealings will be registered almost immediately after settlement, avoiding the risk inherent in delays.

The Prospect

e-Conveyancing is currently live in five states and is a collaboration between many industry participants, including financial institutions, Land Registries and the Reserve Bank of Australia (RBA).

PEXA is committed to supporting the property industry as it transitions towards a 100% digital future.