on 04-04-2017 10:52 AM - last edited on 05-04-2017 10:16 AM by EmilyBilling
In December 2016, Landgate announced a comprehensive timetable to transition Western Australia from paper to electronic settlement and lodgement, committing to a final date of 1 December 2017.
The first stage of this transition happened on 1 August 2016 when all Authorised Deposit-Taking Institutions (ADIs) and their representatives were required to lodge standalone mortgages (subject to the NCCC) and discharge of mortgages, electronically. This year, the following dates and corresponding requirements will be implemented to reach 100% online transactions.
1 August 2017
1 October 2017
1 December 2017
*Eligible land registry documents are defined as the documents that support transactions that can be completed using the existing Electronic Lodgement Network where all the participants are or can become subscribers.
Banks prepare well in advance
In preparation, many lenders will commence initiating invitations for settlements in Western Australia - proactively opening PEXA Workspaces and sending invitations to other participants for transfers.
In August 2016, St. George piloted this process in Victoria, followed swiftly by New South Wales. As a result of the pilot’s success, other lenders have chosen to adopt the same approach. The industry acknowledges this as a subtle variation to industry practice. However, this approach will allow lenders to fine-tune processes in the lead-up to 1 December through a gradual increase in online settlement volume.
Over 75% of lawyers and settlement agents in Western Australia, as well as 100% of financial institutions transacting in WA now have the ability to transact online. This initiative will support the entire network to prepare their businesses for e-Conveyancing.
“What a great initiative! Lenders sending invitations provides certainty that they’re willing to transact. It also confirms which solicitor is acting. We had Mortgage Settlements Australia send us an invitation for a Macquarie property purchase being funded via Perpetual. As a result, funds available were available 14 days in advance of settlement and there was no need to call the vendor’s settlement agent for the date and time as it was all confirmed online – a fantastic experience overall” – Jack Boyle
“Banks sending invites will benefit us all. They will improve their processes, become more efficient and broaden the dialogue between banks and practitioners - just in time for 1 December.” – Leisa Norrish
Is your business ready?
You can use the Pathway to PEXA Certification to check if your business is ready to accept settlement invitations.
The e-Conveyancing network is also using the following free support services to prepare their businesses for 100% digital property transfers.
PEXA Direct Specialists
PEXA Direct Specialists are experienced lawyers and conveyancers who come to your office and guide you through the PEXA registration process, assist you to adapt your business to e-Conveyancing and successfully complete your first online transactions. You can contact Angella.Chick@pexa.com.au to enquire about a PEXA Direct Specialist for your firm.
This program is an open certification hosted on community.pexa.com.au. Your PEXA Direct/Virtual Specialist guides you through this four-module program. On completion, each member becomes PEXA Certified and will be a competent PEXA-user.
The e-Conveyancing Community is an online space where you can ask questions, share feedback and get answers from other lawyers and conveyancers, as well as industry experts and PEXA specialists. Many lawyers and conveyancers are already PEXA pros and can help you with your business’ transition online at community.pexa.com.au.
PEXA’s highly trained and dedicated Support Centre is a one-stop-shop for PEXA members requiring assistance. If you are unsure of who to contact regarding any aspect of e-Conveyancing, including system set-up, workspace support or technical troubleshooting, contact the support team on 1300‑084‑515.
If you have not yet registered for PEXA, contact email@example.com to start the process today.