Western Australia is the latest state to join Australia’s online property exchange, PEXA.
Following the integration and collaboration with Western Australia’s Land Registry, Landgate, the first transaction took place on a Western Australian Title, a discharge, which was completed by Westpac Banking Corporation.
The Minister for Regional Developments; Lands, the Hon Terry Redman MLA, Landgate Chief Executive Mike Bradford and Chairman Geoffrey Hick, the WA Registrar of Titles Jean Villani, and Property Exchange Australia Limited CEO Marcus Price were present at the Landgate office to witness the first WA transaction.
Property Exchange Australia Limited CEO Marcus Price described the integration with Landgate as a major milestone. PEXA is currently working towards releasing the transfer and financial settlement functionality later this year.
Chief Executive Mike Bradford commented that e-conveyancing embraces new technology and offers significant benefits for the conveyancing sector.
Western Australia joins Victoria, New South Wales and Queensland Land Registries on the PEXA platform, enabling major banks and financial institutions to complete electronic lodgement of mortgages, discharges and refinances. South Australia, Tasmania and the Northern Territory will join the exchange in 2015.