Land valuers bulletin issue 19 - e-Conveyancing is coming to Western Australia
e-conveyancing is coming to Western Australia - 8 May 2015
Electronic conveyancing (e-conveyancing) will enable the electronic settlement of real property transactions; the preparation and electronic lodgement of land registry documents; electronic payment of transfer duty and the automatic exchange of funds at the date and time of settlement.
National e-conveyancing should offer benefits by shortening the time taken to register changes in land dealings and improving the data integrity of land registry documents.
The first national e-conveyancing system has been established by Property Exchange Australia Ltd (PEXA), who is currently the only provider. While PEXA’s e-conveyancing functionality has been available in other states since 2013, it has so far only been available to major banks in Western Australia, who have been able to lodge mortgage and discharge of mortgage documentation via PEXA since June 2014.
This will change on 25 May 2015 however; when PEXA’s broader e-conveyancing functionality is due to go live in Western Australia. Settlement agents, legal practitioners and financial institutions will then be able to lodge mortgages, discharge of mortgages, transfers, caveats and withdrawal of caveats electronically in Western Australia.
The PEXA system is only open to settlement agents/conveyancers and lawyers registered with PEXA. It is not available to individuals seeking to carry out their own conveyance and use of the new electronic platform is not compulsory, as the paper lodgement system will still exist. More information is available from visiting PEXA’s website.
e-conveyancing amendment to Joint Form of General Conditions for the Sale of Land
The Law Society of Western Australia and the Real Estate Institute of Western Australia (REIWA) have developed an Annexure for transactions which will apply in cases where the parties agree that settlement and lodgement will be conducted electronically.
The Electronic Conveyancing Annexure (Special Condition 1) will be available to use with the Joint Form of General Conditions for the Sale of Land (the Joint Form) to facilitate e-conveyancing.
The form is available from the Law Society’s website and REIWA members can access the Annexure (with the Joint Form) from the REIWA website. Physical copies of the Annexure will be sold with the Joint Form.
A bulletin to settlement agents that covers an expanded list of topics in regards to e-conveyancing is also available. Topics in the settlement bulletin include:
- Settlement Agents and PEXA fees
- e-conveyancing – Landgate’s role
- RevenueWA - Revenue Online Requirements for e-conveyancing
- More information about e-conveyancing for settlement agents and lawyers
- Model Operating Requirements and Model Participation Rules