What is Electronic Conveyancing?

To put it simply, the term “electronic conveyancing” refers to a conveyancing transaction settled electronically through the platform provided by Property Exchange Australia Limited (PEXA). In the modern world of technology, we can do just about anything online and property transfer documents are no exception. As we move towards a paperless digital future, we are excited about the option to electronically prepare and lodge registry instruments giving you access to real time lodgement and payment.

The financial settlement is also carried out in real time, something the industry has lacked and had previously left the industry in the dark ages.

Here are some facts about electronic conveyancing to get you up to speed with what is possible and available online for your future property transfer.

Name: Electronic Conveyancing or e-conveyancing

Platform: Property Exchange Australia (PEXA)

What it is: A virtual settlement room for agreements, gathering electronic signatures, disbursement of settlement monies and immediate transfer of title

What can you use it for: Preparation and signing of settlement and registration certificate for transfer, mortgage and release or discharge of mortgage, caveat.

The representatives of the parties and their financiers participate in an electronic workspace, where:

• registry instruments are prepared and electronically signed (transfer, mortgage, discharge/release of mortgage);
• duty may be paid as a settlement disbursement;
• the balance of the purchase money and its disbursement are agreed;
• the documents to be lodged for registration are checked pre-settlement at the Land Titles Office(LTO);
• at the agreed settlement date and time, provided the documents are in order for registration, the balance of purchase money is paid and proceeds of settlement are disbursed; and
• the relevant registry instruments are electronically lodged for registration (which usually follows that same day).

Electronic conveyancing does not cover the whole of the conveyancing transaction; just the preparation for and execution of settlement and registration. In relation to the settlement itself, the platform is essentially a virtual settlement room.