Electronic Land Conveyancing And PEXA
The complex laws of contracts still apply to land conveyancing, but the method solicitors undertake conveyancing is changing as we go down the electronic pathway.
As the NSW Government has imposed electronic settlements through a company called PEXA, it will become compulsory in the near future for the more common conveyancing settlements to happen electronically.
Note: Settlements are when the final monies are paid while at the same time transfers and deeds are handed over, mortgages are discharged and/or mortgages are created on land.
Forms still need to be completed, but they are done over the internet. Settlements still take place over the internet, but registration, paying stamp duty and other payments are done electronically and much quicker than
the current paper system.
Some transactions are already compulsory, for example, stand alone mortgage discharges can no longer be done on paper but must be done through PEXA and thus electronically. For those who have paid off their mortgages and simply want to have their mortgages discharged, they should approach their financial institution and solicitor to arrange registration of that discharge to avoid the mortgage still being registered on their title.
All solicitors and financial institutions will need to be registered by 1st July, 2018 with PEXA so that settlements may take place. There will still be the need to have a paper contract and some paper settlements for less common transactions will still need to happen.
Here at MATTHEWS WILLIAMS we have been registered with PEXA from almost the inception of electronic conveyancing and we can help you. Do contact us.