Australia’s online property exchange, PEXA recently welcomed the first Practitioners to the platform, with Nino Galgano performing the first transaction by successfully lodging a caveat on a Victorian Title.
Property Exchange Australia Limited CEO Marcus Price, the Victorian Registrar Chris McRae and the Australian Registrars National Electronic Conveyancing Council (ARNECC) Chairman Brenton Pike were in attendance.
Property Exchange Australia Limited CEO Marcus Price described the event as a major milestone for PEXA, adding that Practitioners joining the platform will further strengthen their network in preparation for transfer and financial settlement functionality later this year.
Pleased about the first transaction from a Practitioner to be carried out in Victoria on the national platform, Victorian Registrar Chris McRae said it was a natural progression from the Victorian to the national system.
ARNECC Chairman Brenton Pike commented that it was great to see the regulatory framework enacted as envisioned. He added that the framework was a combination of many years of hard work from all of the Australian Registrars.
Nino Galgano joined the PEXA platform as part of the Electronic Conveyancing Victoria (ECV) migration along with Property Lawyers and Conveyancers from Melbourne metro and regional Victoria.
Another new member of PEXA, Shakila Maclean from All Hours Conveyancing said the platform was user-friendly and simple to navigate.
Initially, Practitioners will be able to perform caveat lodgements and withdrawals until full transfer and financial settlement functionality is deployed in October 2014. At this time, a number of pre-selected Practitioners in Melbourne and Sydney metro, as well as a select number of regional hubs, will join the platform. State-wide availability will occur in Victoria and New South Wales from February 2015.
Congratulating the PEXA team, AIC (Vic Div) Chief Executive Officer Jill Ludwell said the Australia Institute of Conveyancers (Vic Div) was pleased to acknowledge the latest milestone in the journey to a fully electronic system. She added that the lodgement of the first Caveat through the PEXA platform is an important step and many Practitioners are looking forward to the culmination of a lot of hard work and dedication when they can fully transact a conveyancing settlement online.
The Victorian Practitioners are joining seven transacting banks and financial institutions currently performing daily online transactions across Victoria, New South Wales and Queensland. Western Australia is expected to go-live very soon.