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28/10/2016 Property transactions to speed up as e-conveyancing takes off
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By YIP | 07 Jul 2016 05:00 AM Tweet
Property Transactions To Speed Up As E-ConveyancingTakes Off
Innovative eConveyancing legislation passed in South Australia willstreamline the property buying process.
For the first time, South Australian conveyancers, solicitors, and lenderswill be able to completely digitally exchange property with the necessaryeConveyancing legislation in place as of 4 July 2016.
The chief execution of digital property settlement platform, PEXA, saideConveyancing will bring South Australian consumers fast, safe andefficient transactions.
“People buying and selling homes will increasingly become aware thatthere’s a better way to exchange property that diminishes delays andother pain points associated with manual settlements,” CEO MarcusPrice said.
Like the ASX did for the exchange of shares, Price said PEXA removesmanual processes and paperwork when exchanging property. Landregistries, financial institutions and practitioners all transact together,online via a secure platform with funds settling through the ReserveBank of Australia.
Speaking to Your Investment Property's sister publication, AustralianBroker, Price said the inexorable move towards paperless transactionswill flow to brokers over time, boosting their businesses.
“Australia’s eConveyancing community has now gained critical masswith 80 banks, credits unions and mutuals poised to exchange propertyelectronically, further bolstered with more than 2,500 lawyers andconveyancers now on board.
“And with more than 700,000 properties transferred each year,consumers, brokers and real estate agents will experience the speedand efficiency of eConveyancing as the PEXA network ramps up.”
The New South Wales Minister for Finance, Services & Property,Dominic Perrottet, also announced this week that a paperlessconveyancing future in NSW is “one step closer”.
The state’s government plans to accelerate the transition to electronic conveyancing andprogressively phase out paperbased conveyances by 2019.
As a first step – and in line with moves announced by the Victorian and Western Australian
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28/10/2016 Property transactions to speed up as e-conveyancing takes off
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28/10/2016 Property transactions to speed up as e-conveyancing takes off
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