E-conveyancing, the electronic settlement of property transactions, has become mandatory in Queensland since 20 February 2023. Queensland now joins New South Wales, Victoria, South Australia, and Western Australia, which have already been utilising e-conveyancing for a while. The implementation of this system aims to ensure swift and consistent property transactions.
Now, in Queensland, property settlements are conducted through a platform provided by Property Exchange Australia Limited (PEXA). The platform facilitates various essential tasks, including the electronic signing of documents such as mortgages, releases of mortgages and transfers. It also allows for the payment of duty as a settlement disbursement, for the verification of documents to be lodged at the Land Titles Office for registration, and the electronic lodging of relevant registry instruments for registration on the agreed settlement date and time.
At Bickell & Mackenzie, we have fully embraced e-conveyancing and its advantages for our clients, including:
– Eliminating the need for clients to arrange cheques and to pay for postage.
– E-lodgement ensures swift processing, with funds transferred within hours, unlike traditional methods that could take days for cheques to clear.
– The electronic process enhances overall transaction security.
While e-conveyancing is now mandatory for most transactions, there are some exceptions. Self-acting buyers and sellers are not required to register for the online platform to complete their settlements. Additionally, certain complex lodgements involving other documentation fall outside the scope of e-conveyancing transactions.
Our team of experts at Bickell & Mackenzie is well-equipped to assist you with all aspects of conveyancing. If you need any help or advice, don’t hesitate to contact our office and schedule an appointment.