Property Exchange Australia has completed its first transaction on a West Australian title as it launches its online platform across the state.
The launch follows a major piece of integration and collaboration with Western Australia’s land registry, Landgate.
WA Lands Minister, Terry Redman, was at the Landgate office to witness the first WA transaction.
He was joined by Landgate chief executive Mike Bradford and chairman Geoffrey Hick, the WA Registrar of Titles Jean Villani, and Property Exchange Australia (PEXA) CEO Marcus Price.
Price said it was another success for PEXA as it worked towards releasing transfer and financial settlement functionality later this year.
Chief executive Mike Bradford said the introduction of e-conveyancing was an important milestone that embraced new technology and had significant benefits for the conveyancing sector.
“Today we see the opportunity for banks to lodge land documents in WA using the electronic system, the result of which has been a collaborative effort between Landgate, PEXA and a number of key industry bodies,” he said.
Western Australia joins Victoria, New South Wales and Queensland's land registries by allowing the 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.
Full transfer and financial settlement functionality will be released to Western Australia in May 2015.
Now, WA lawyers and conveyancers will be invited to join the platform with access to full online functionality.
The first part of PEXA Release Two launched on Monday June 16, with the first practitioners from Victoria joining the platform and beginning to complete online caveat transactions.