Landmark agreement will broaden access to electronic property transactions

Next year, thousands of lawyers and conveyancers will have access to electronic property transactions in a landmark agreement between Property Exchange Australia Limited (PEXA) and GlobalX Legal Solutions.

GlobalX is the first to sign on as a PEXA sponsor, and will bring the technology to 8,000 practitioners who currently use their search, conveyancing and practice management software solutions, as well as a further 8,000 through partnerships with LexisNexis, Law Master and CATS.

“Today is a landmark step towards delivering the property conveyancing process into the digital age for thousands of conveyancers and law firms across Australia,” said GlobalX chief operating officer Peter Maloney.

“As Australia’s largest property settlement provider to the practitioner market, we have been preparing and investing significantly in our technology, people and industry partnerships to ensure we have a competitive advantage in delivering PEXA to all our clients and solutions partners.”

He said that the future is a hybrid of manual and electronic services.

PEXA CEO Marcus Price said that it will be a great benefit as it means there is just one port of call.

“PEXA removes the often stressful closure of the conveyancing process by ensuring fast, effective and error free electronic lodgement and settlement and it makes sense for PEXA to become part of the existing market offerings provided by our Sponsors,” Price said.

PEXA allows an online workspace where Land Registry documents and settlement schedule can be created and shared with all parties. It also automatically lodges documents with the Land Registry, exchanges loan funds, pays stamp duty and other third party beneficiaries, removes the need for bank cheques and removes the need to physical be at settlement.

The system is currently live in Victoria, New South Wales, Queensland and Western Australia in Release 1 format. Release 2 was launched in a limited capacity to Victoria in June, with full functionality from 2014 quarter four for Victoria and New South Wales. The rest of the states will have access in 2015.