Property Exchange Australia has completed its first transaction on a West Australian title as it launches its online platform across the state.
Property Exchange Australia (PEXA) is a purpose built system that supports the exchange of property through the ability to perform lodgements and property settlements online.
Western Australia joins Victoria, New South Wales and Queensland Land Registries with the ability for major financial institutions to complete electronic lodgement of mortgages, discharges and refinances.
The first transaction on a Western Australian Title – a discharge – was completed by Westpac Banking Corporation on Wednesday 18 June. South Australia, Tasmania and the Northern Territory will also join the exchange in 2015.
The launch follows a major piece of integration and collaboration with Western Australia’s land registry, Landgate.
WA Lands Minister, Terry Redman, was at the Landgate office to witness the first WA transaction. He was joined by Landgate chief executive Mike Bradford and chairman Geoffrey Hick, the WA registrar of titles, Jean Villani, and PEXA chief executive Marcus Price.
Mr Bradford said the introduction of e-conveyancing was an important milestone that embraced new technology and had significant benefits for the conveyancing sector.
“Today we see the opportunity for banks to lodge land documents in WA using the electronic system, the result of which has been a collaborative effort between Landgate, PEXA and a number of key industry bodies,” he said.
The first part of PEXA Release Two launched on Monday June 16, with the first practitioners from Victoria joining the platform and beginning to complete online caveat transactions.
Full transfer and financial settlement functionality will be released to Western Australia in May 2015. At this time, WA Lawyers and Conveyancers will be invited to join the platform with access to full online functionality.
“I’d like to thank Landgate for working with us to achieve this key milestone and welcome them to the national platform,” said Price. “This is another success for PEXA as we work towards releasing transfer and financial settlement functionality later this year”.