E-Conveyancing will soon allow Banks, Conveyancers and Conveyancing Solicitors to carry out conveyancing transactions online. The e-conveyancing platform will also allow the parties to lodge Land Registry documents online and to settle the funds onlline.
The first launch in Australia took place in Victoria, with the first successful discharge of mortgage being completed on Tuesday, 18 June 2013 by the
This online transcation which was carried out by the Commonwealth Bank of Australia will be followed by other banks and financial institutions, who will be registering mortgages, discharge of mortgages online.
According to the CEO of NECDL, Marcus Price, “This is an incredibly important milestone for PEXA on its way to creating a truly national property exchange….It’s the first in a sequence of installations planned for the next 12 months with our focus now on bringing the New South Wales, Queensland and Western Australian Land Registries and remaining major banks on board.”