Online property exchange PEXA says the introduction of legislation allowing online property conveyancing in South Australia makes buying and selling property in the state easier, with conveyancers, solicitors, banks, credit unions and mutuals now able to digitally exchange property.
The SA state government e-conveyancing legislation took effect on Monday after 150 years of “pen and paper” conveyancing processes.
PEXA chief executive Marcus Price says e-conveyancing will bring South Australian consumers fast, safe and efficient transactions.
“People buying and selling homes will increasingly become aware that there’s a better way to exchange property that diminishes delays and other pain points associated with manual settlements.
“I congratulate and thank Brenton Pike for driving this innovation and reform as SA registrar-general and, nationally, in his role as chairman of the Australian Registrars’ National Electronic Conveyancing Council.
“Going digital puts an end to costly cheques and piles of documents. Crucially, conveyancers and solicitors acting on behalf of buyers and sellers can say goodbye to sitting on hold in bank call centre queues and travelling to Grenfell Street to attend settlement.
“Like the ASX did for the exchange of shares, PEXA removes manual processes and paperwork when exchanging property. Land registries, financial institutions and practitioners all transact together, online via a secure platform with funds settling through the Reserve Bank of Australia.”
Price cites a Core Logic RP Data report valuing South Australia’s property industry at $228 billion, and says the industry now has an inclusive, collaboration tool that brings the conveyancing and legal profession unprecedented connectivity.
“Importantly, 80 financial institutions have signed up to PEXA. A growing number are now actively transacting. In addition, an increasing number of practitioners are inviting their peers to join the network. More than 2500 have signed up in the PEXA-ready states. This will increase with SA coming on board.”
