Thank you for your response and for bringing this conversation back to our attention.
Our last response was a year ago and since then we’ve done quite a bit with the industry. PEXA is actively working with industry to understand the solution to interoperability between ELNOs. We encourage a framework that doesn’t increase cost, risk and complexity into property settlements and keeps homebuyers and sellers at the heart of the discussion.
Since the above post in September 2018, we have taken part in all industry working groups on both competition and interoperability. It is clear from these reviews that a full analysis must be completed to understand what this framework looks like and if it’s in the best interest of consumers.
Competition has always been on the horizon for PEXA, in fact we consider paper property transactions our original and most organic competitor in the market. Emerging ELNOs are an excellent indicator of how far industry has come in embracing digital conveyancing and as an industry, we need to ensure that the integrity of a property transaction and the homebuyers and sellers it impacts remain uncompromised.
I hope this assists any concerns you have and if you’d like to continue the discussion, please join us on Tuesday 29 October 2019 at 11 am AEDT, for our webinar The evolution of e-Conveyancing: Competition, interoperability and everything in between.
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I have a transfer between domestic partners in Victoria. There is no money changing hands and no real settlement date. I'm confused about what to do. I am acting for both parties, and would normally sign the transfer form; I don't think I have to send either party an 'invite'? Also, it keeps saying 'complete transfer form' but I've filled out all the compulsory fields in it and saved it. I also don't understand if I need to fill out the 'dealing requirement' on the lodgement instructions.
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