In brief - E-Conveyancing commencing in April
In November 2012, the Electronic Conveyancing National Law
passed in New South Wales. The significance of this change to the
property industry should not be underestimated.
The new law forms the basis of a national scheme for electronic
property conveyancing. Other states are either to adopt the
national law or enact corresponding legislation. Similar laws are
now imminent in Victoria and Queensland.
All participants in property transactions will be able
to transact online
The new law means that eventually, land registries, financial
institutions and practitioners will be able to transact together,
online, legally, in the finance, purchase and sale of property.
This is a fundamental first step that will transform the future
of property transactions, including conveyancing and financing.
PEXA will adopt technology which is comparable to the
sharemarket's electronic settlement system, CHESS. It will act
as an interface between lenders, state land registries, solicitors
Schedule for implementation of PEXA
E-conveyancing scheme likely to be implemented on
Currently NECDL is the first entity that has signed operating
agreements with NSW and Victoria land registries to operate this
new electronic conveyancing system, providing an interface between
the land registries and the users of the system for an initial
period of 10 years.
NECDL is owned by the states of NSW, Victoria, Western Australia
and Queensland and by financial institutions like Macquarie and the
big four banks (Westpac, NAB, ANZ and CBA).
This ownership structure, the passing of the NSW law and the
progress made by NECDL all augur well for the implementation of
PEXA according to schedule, initiating a new era of
As experienced across the Tasman Sea by the users of Landonline
- New Zealand's mandatory online registration system -
electronic systems are quicker and simpler to use. They will become
an integral part of the conveyancing and financing environment.
Many retail leases include a covenant to trade, requiring the tenant to open the premises for trade during certain hours.
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