e-Conveyancing digitalises the manual processes and paperwork associated with property exchange by enabling financial institutions, lawyers and conveyancers and others to transact together online.
It improves efficiency and transparency by enabling property settlements to be completed electronically with pre-populated data, real-time lodgement and streamlined processes.
The Government introduced compulsory electronic conveyancing for all properties across Australia. Unless one of the provides a valid reason otherwise, all settlements are conducted on the electronic system.
As of 1 December 2018, in Western Australia the Land Registry changes were that all new eligible, stand-alone transfers, caveats and withdrawal of caveats and any lodgement case consisting of eligible discharges, transfers, mortgages, caveats and withdrawal of caveats must be lodged electronically.
How much does it cost?
The PEXA fee covers the following services:
- Pre-population of Land Registry data, to remove the need for re-keying.
- Lodgement verification checks, to provide greater certainty that documents will be lodged successfully.
- Title Activity Checks (TAC), to alert you to any recent activity on the title.
- Lodgement gap cover, whereby PEXA may assume responsibility for loss incurred when an intervening dealing impacts registration of a covered dealing, subject to conditions set out in the Participation Agreements.
- Electronic disbursement of cleared funds through to nominated accounts.
- Electronic settlement booking.
- Document creation and lodgement with the Land Registry in real-time.
- Secure digital signature technology.
- Stamp duty verification with the duty authority.
The PEXA fee is separate from the statutory lodgement fees, which are set by each jurisdiction’s Land Registry.
From 1 January 2021, the cost to conduct the transfer of a single title is $116.60.