The biggest changes to buying and selling land in more than 150 years will be phased in over the next few months.
Electronic conveyancing (“e-conveyancing”) became law on July 4 by amendment of the State’s Real Property Act. E-conveyancing permits online land settlements, via a digital platform called Property Exchange Australia (PEXA).
Some property transactions cannot yet be conducted electronically. These include dealings with only part of the title land, dealings requiring an application to note Death, Marriage or Change of Name, transmission applications in deceased estates, leases, encumbrances and easements.
But e-conveyancing can now be done if the lawyers, conveyancers and lenders of buyer and seller subscribe to PEXA. The anticipated benefit is simplification and speed: settlement will happen faster.