Bassendean Settlements & Electronic Conveyancing.

Landgate has mandated electronic conveyancing, or e-Conveyancing as it is known, in Western Australia as from 1st December 2018.

It involves the online preparation and lodgement of property title documents and the disbursement of funds.

The main driving forces for this change of process is a desire to push faster transactions, greater certainty, ease of settlement and the peace of mind experienced by both parties.
It is expected that there will be fewer chances of errors and delays in transactions if all the settlements are done electronically.
The introduction of electronic conveyancing in Australia is the biggest industry reform for the property sector since the introduction of the Torrens Title system.

What is e-Conveyancing?

e-Conveyancing aims to minimise the manual processes and paperwork associated with property settlement by enabling conveyancers, lawyers and financial institutions to transact together online.
It enables the lodgement of documents and complete financial settlements electronically. Ideally, conveyancing becomes paperless.
e-Conveyancing also aims to reduce the risk of errors and delays, giving conveyancers and their clients greater certainty of successful, on-time settlement.

Property Exchange Australia (PEXA).

PEXA is a purpose built system that supports the exchange of property through the ability to perform lodgements and property settlements online.
Note that PEXA does not replace Landgate; instead its task is to provide an electronic workspace within which participants can interact with Landgate and each other in order to complete property transactions.

PEXA will allow all of the following to occur in an electronic environment:

• Digital signing of documents on behalf of the client - a conveyancer or lawyer is required to digitally sign and to release monies on behalf of their client.
  The client will be required to sign a client authorisation form at the start of the transaction which can be for a single transaction, a batch of transactions or an indefinite general authority.
• Verification of identity - a conveyance or lawyer will be required to take reasonable steps to verify the identity of their client.
• Settling monies electronically - PEXA will enable the financial settlement of electronic conveyancing transactions.
  Settlement monies can be disbursed to the client account from PEXA immediately at settlement.
• The lodgement of land title instruments for registration.