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—known as “PEXA”—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 thousands of lawyers and property conveyancers across Australia, as well as the mortgage lenders and the land title offices in each state.
The PEXA platform is digitizing 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 provides an electronic service to lodge and settle property transactions, benefiting the state land title offices, mortgage lenders and property lawyers and conveyancers, respectively.