The Role of Digital Conveyancing and the use of PEXA

So You Searched for a Real Estate Agent in Southport - Understanding the Role of Digital Conveyancing and the use of PEXA

Understanding the Role of Digital Conveyancing and the use of PEXA when selling a Property on the Gold Coast

PEXA is now Mandated in Queensland

Under the mandate introduced by the Queensland Land Title Regulation 2022, which applies to all industry professionals and corporate entities, that are lodging a required instrument dealing with freehold land.

All property transactions, including transfers of ownership, registrations of mortgages, and lodgment of caveats, must be conducted electronically through the Property Exchange Australia (PEXA) platform, effective February 20th, 2023. This mandate applies to all parties involved, including buyers, sellers, legal representatives, and financial institutions.

What is PEXA in Relation to Selling a Property on the Gold Coast?

Your Solicitor or Conveyancer will use PEXA to facilitate the settlement of your property; you will require a Verification of Identity as part of the selling process for a property. The age of digitalisation has brought a host of conveniences to various industries and sectors, and real estate is no exception. Ten years ago, the concept of digital conveyancing did not exist. Today, it’s a reality that has revolutionised the Australian property market, offering transparency, accuracy and efficiency.

A New Era of Property Transactions

Digital conveyancing has made the process of buying and selling property safer, more secure and, most importantly, easier for millions of Australians. It has transformed the complex legal procedures associated with property transactions into a few simple clicks. However, it is important to understand the intricate workings behind this convenience.

Behind the Scenes of e-Conveyancing

The move to e-conveyancing has been rapid and widespread across Australia. The system provides solicitors, licensed conveyancers and financial institutions with a secure digital platform. They can use this platform to prepare, sign and lodge all the legal documents required to transfer ownership of a property and the financial settlement between a buyer and a seller.

Property transactions arising from other circumstances, such as refinancing, death or divorce, can also be handled smoothly through this digital system. The electronic filing is then sent to the relevant state land registry, depending on the location of the property.

The PEXA Story

The entire digital conveyancing process is supported by platforms such as PEXA (Property Exchange Australia), which enables conveyancing practitioners to provide streamlined services efficiently. The platform also handles the electronic filing of documents and the secure payment of settlement funds.

In 2008, the Council of Australian Governments (COAG) laid the foundations for a national electronic conveyancing solution known as the Electronic Lodgement Network (ELN). This system allowed people buying and selling property in Australia to complete all related conveyancing processes online.

National e-conveyancing legislation was passed in New South Wales in late 2012 and in Victoria in early 2013. PEXA officially launched in March 2013 with a mission to modernise the Australian conveyancing process.

PEXA Across Australia

PEXA was the first and most dominant electronic conveyancing platform in the market, bringing together conveyancing practitioners and financial institutions on one digital platform.

Some states, including Queensland, Victoria and New South Wales, have made electronic conveyancing mandatory for property transactions, leading to the inevitable phasing out of the once-standard paper conveyancing. Similarly, in Western Australia, electronic conveyancing is mandatory for all property transactions within the scope of electronic lodgement.

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Advantages of Electronic Conveyancing

There are many advantages to the electronic system. For vendors, it means faster access to funds via electronic transfer. For buyers, it means that their name is recorded on the title deeds immediately. The transparency of the system also means that errors can be easily identified and corrected, ensuring smooth and speedy transactions.

Previously, an estimated 20-30 per cent of all paper settlements failed or were delayed due to human error, such as misspelled names on cheques. The digital system has significantly reduced these errors.

Safer Property Transactions

The security of paperless property transactions is particularly important when you consider that more than 400,000 properties are bought and sold in Australia every year. The PEXA platform has helped to establish digital conveyancing as something that is easier, more effective and safer. Add to this the use of Verification of Identity that is used with PEXA and you have a fairly robust system designed to mitigate fraud.

The Future of Digital Conveyancing

Although PEXA is currently the leading player in the digital conveyancing industry, other platforms have begun to emerge. By mid-2023, it is expected that conveyancing practitioners across Australia will have more options when choosing an electronic conveyancing platform to process transactions.

If you’re looking for a conveyancing agent in Southport, understanding digital conveyancing and platforms such as PEXA can significantly streamline your property transactions.

Find out more: What is PEXA?

PEXA is a world-first digital conveyancing platform that has revolutionised how property is exchanged in Australia. PEXA connects people, businesses and governments across the property industry, providing secure digital infrastructure, integrated solutions and actionable insights.

PEXA, a publicly traded company on the Australian Securities Exchange (ASX), is a global leader in digital property exchange platforms and property insights solutions. Since its inception in 2014, PEXA has facilitated over 16 million property settlements in Australia, achieving an impressive 88% market share. In 2022, PEXA expanded its reach to the United Kingdom, marking a new chapter in its global expansion.

The PEXA Group of companies, encompassing .id (Informed Decisions), Value Australia, and Land Insight, provides cutting-edge digital insights and property solutions that empower government agencies, financial institutions, banks, and property professionals to unlock the full potential of property assets.

If you are considering selling your property, please give Craig Douglas a call. Let’s have a coffee to discuss how together we can achieve the best possible price, to get your property SOLD, let’s chat…

Author – Craig Douglas

Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.

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Craig Douglas, Your Local Gold Coast Real Estate Agent: 0418 189 963

I’m a real estate agent who is here to make the selling process as easy and stress-free as possible. So you searched for a real estate agent in Southport, let’s chat over a coffee to get you started and on the way to SOLD.

Together we can get your property SOLD for the Best possible Price.

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Let’s chat over a coffee to get you from thinking about, to selling, to you are SOLD! So You Searched for a Real Estate Agent in Southport, let’s chat… Craig Douglas, Your Local Gold Coast Real Estate Agent: 0418 189 963

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Craig Douglas 0418 189 963, Real Estate Agent at Canford Estate Agents, Your Local Independant Gold Coast Real Estate Agents.

Would you be free for a brief chat over coffee? I know that selling your Gold Coast property can be a daunting task, but I’m here to make the process as smooth and stress-free as possible. So you searched for a real estate agent in Southport and you’ve found yourself here, let’s chat, to get you selling, all the way to you are SOLD!

Together we can get your property SOLD for the Best possible Price.

Craig Douglas 0418 189 963
Marketing, Negotiating, Selling Gold Coast Homes

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This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for Canford Estate Agents. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight”.

I negotiate and sell on behalf of property owners who want to get the best possible price, with the least amount of hassle. Let’s talk about the process of selling your property over a coffee to get you started – 0418 189 963