National E-Conveyancing Development Limited (NECDL) was incorporated in January 2010 under an agreement between the Victorian, New South Wales and Queensland governments to develop a national e-conveyancing platform for Australia. The delivery of a national e-conveyancing platform forms part of the Council of Australian Governments’ (COAG) micro-economic reform agenda and is one of the deregulation priorities under the National Partnership Agreement to Deliver a Seamless National Economy.
The process of registering land and property exchange in Australia has not changed since the mid-1850s. The current paper-based system for completing property transactions in Australia is both time-consuming and inefficient.
The national e-conveyancing system—to be known as “PEXA” (Property Exchange Australia) —is intended to remove the requirement to use paper-based systems for completing property conveyancing transactions, including the transfers of title and mortgage-related aspects, and the various associated payments.
The PEXA system will serve about 20,000 lawyers and property conveyancers across Australia, as well as the mortgage lenders and the land title offices in each state.
The delivery of the PEXA platform is set to streamline the exchange of property between vendors and buyers by allowing participants to electronically and securely share data and documentation for property transactions purposes. Additionally, the PEXA platform will assist NECDL in establishing an electronic service to lodge and settle property transactions, benefiting the state land title offices and banks, respectively.