Electronic Conveyancing Starts in QLD on 25 May

Hi All

Electronic Conveyancing is starting in QLD on 25 May through PEXA - Property Exchange Australia. https://www.pexa.com.au/

Already running in NSW and VIC to some extent.

Only solicitors can use it in QLD - no interstate conveyancers allowed.

This will only be for contracts received by solicitors after 25 May and only where both solicitors and both lenders are subscribers. So likely to be a slow start, although our 2 biggest competitors are signed up and ready to go. Also owned by the big 4 banks (along with east coast governments and some private equity too I believe) and lots more banks are subscribers.

Big changes that people buying and selling will see.

1. Verification of Identity (talked about in other threads on here). You need to have VOI done every year, either face to face with your lawyer or through Australia Post (every 2 years)

2. A PEXA fee $104.50 for the seller, $104.50 for the buyer plus fees for any mortgages etc payable by the lenders

3. No bank cheques, instant funds available at settlement.

We obviously have not done one yet but will keep you updated when we do.
Will be interesting to see how it works. I work in conveyancing in Qld, and I can't see how it will work, but what would I know lol!
Yess bellz will be interesting

Our PEXA digital USB certificates arrived today. We are going to run one straight away to see how it goes.

Are you guys all signed up and ready to go?
Only Settlement Notices and Caveats started today.

QLD Gov hasn't passed the duties legislation yet so nothing exciting happening here