If you have bought or sold property in the last few years the chances are you are familiar with the Electronic Lodgement Network, PEXA.
PEXA is an eConveyancing platform which was formed in 2010 in response to the Council of Australian Governments’ initiative to deliver a single, nationwide e-Conveyancing solution to the Australian property industry. In 2013, QLD enacted the Electronic Conveyancing National Law (Queensland Act) 2013 which essentially established the rules for the lodgement or deposit of land title transactions through an Electronic Lodgement Network (ELN) (ie. the PEXA platform). Since 2016, New South Wales, Victoria, South Australia and Western Australia have all implemented compulsory eConveyancing for certain land title transactions.
Now, in 2022, it appears electronic conveyancing is finally set to be mandated in QLD. The Titles QLD Office have just sent out word that they anticipate QLD will follow suit by January 2023 with the Department of Resources working towards developing a new Land Title Regulation to mandate certain ‘classes’ of conveyancing instruments or documents to be lodged or deposited using an ELN, unless exempted. The ‘classes’ of instruments that will be required to be lodged through an ELN include Transfers, Mortgages, Caveats, Priority Notices, and Transmission by Death Applications. There are a number of proposed exemptions, including where one party is self-represented and is of course not a subscriber to an ELN. You can read more about Titles QLD’s proposed regulation to mandate eConveyancing in QLD here.
So, what does it mean for the future of e-Conveyancing in Australia? Well, it means there is a huge market for eConveyancing, which at present is largely dominated by PEXA. PEXA is at the forefront of eConveyancing and has been the preferred Electronic Lodgement Operator (ELNO) for many solicitors and conveyancers across Australia. However, this is also set to change with the introduction of ‘interoperability’ between ELNOs which is also due to come into effect mid-2023. Currently, all parties to a conveyancing transaction are required to use the same ELNO to complete the transactions. Interoperability will allow the ELNOs to communicate and transact with each other which operates to allow conveyancers, solicitors, financial institutions, and government bodies to use their preferred ELNO in any given conveyancing transaction. The Australian Registrars’ National Electronic Conveyancing Council (ARNECC) hopes that the introduction of interoperability between ELNOs will support diverse and sustainable competition in the eConveyancing sector for the benefit of its customers, being home buyers and sellers.
Robbins Watson has been using eConveyancing to complete conveyancing transactions since 2015 and we look forward to working closely with the ELNOs to prepare for both the eConveyancing mandate in QLD, and also the introduction of interoperability.
Our property and commercial solicitor Emma Post has extensive experience in eConveyancing and is available to assist you with all of your eConveyancing needs.
Emma Post: View Profile
Email: EmmaPost@robbinswatson.com.au
Phone: (07) 5576 9999