A national e-Conveyancing system, to be known as “PEXA” (Property Exchange Australia) which is intended to remove the requirement to use paper based systems for the completion of property transactions, including transfers of title, mortgage related aspects and the various payments which are involved was announced recently.
The company charged with developing the system is NECDL and it has been tasked with developing a “national electronic system for property exchange”. It has signed a master agreement with Accenture under the terms of which Accenture will design, build, test and deploy Australia’s national e-Conveyancing system and hold general project management responsibilities. The project is expected to be in nationwide operation in 2012.
For more detail on PEXA see the article Progress towards e-conveyancing recently posted to Mondaq by Gadens which discusses in more detail:
How will PEXA operate?
How will PEXA benefit companies?
Information from the Official Media Release and about the business aspects of the project is available at Birth of Property Exchange Australia (PEXA) E-Conveyancing Platform this also includes a section on the reaction of the Law Council of Australia.
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