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.
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.