e-conveyancing – PEXA – EDR/Office of State Revenue

econveyancing is being introduced across the country.

This is a process whereby lodgement of documents prior to exchange and settlement is performed “on line” instead of  “in person”, but will only be possible where parties are ACCREDITED to do so.

Property Exchange Australia (PEXA) aims to provide an electronic business environment for completing property transactions, including electronic lodgement with Land Registries and the settlement of funds. This will include providing an electronic environment to:

  • allow the different and ACCREDITED parties involved in the transaction to view and complete the documents to conclude the property exchange or transaction (real property transfers, mortgages, discharges, etc)
  • allow for the electronic settlement of all financial transactions at a nominated date including settlement monies, duties, taxes and any disbursements (to agents, etc).
  • lodge electronically Land Title instruments for registration with the relevant State or Territory Land Registry for electronic processing.

PEXA is planned to go “go live” in October 2014 in New South Wales. The Electronic Duties Return which is currently completed by solicitors offices will be upgraded and changes will commence on 9th June 2014. This will include changes to the way transfers, agreements for sale of land,  water access licences, New Home Grant, Off the Plan and registered valuer’s information is viewed and processed.  Additional information will need to be provided by accredited parties but will be able to be viewed by all ACCREDITED parties prior to settlement to allow smooth process.

 

Ensure your solicitor is e-conveyancing and PEXA ready

Accreditation will mean all the difference in providing a smooth process to all parties involved in what can be an emotional and stressful time. e-Conveyancing will remove the need for a “paper” real property transfer but duty will remain payable on an electronic transfer. Call our office to discuss the above if you have any questions or concerns.  View further information at www.osr.nsw.gov.au, or contact the Office of State Revenue directly at edr@osr.nsw.gov.au