National Electronic Conveyancing (e-conveyancing)
South Australia is committed to the implementation of the National Electronic Conveyancing (NEC) initiative which provides a single system for online completion of real property transactions and lodging land title dealings throughout Australia. The NEC last was drafted in 2012 as the basis for a national scheme for the electronic signing and lodgement of registry documents (e-conveyancing).
The push for e-Conveyancing has arisen from 4 major concerns about the conveyancing industry:
Technology and automation has led to the creation of an online platform to conduct land transactions to streamline an antiquated process. In 2008, the Council of Australian Governments placed e-conveyancing on their agenda, and Property Exchange Australia Ltd (PEXA) was formed as the national online platform for e-conveyancing.
NEC allows the land services industry to:
- collect, check and verify the completeness and compliance of transaction information;
- prepare instruments and reports to register changes in property ownership and interests;
- settle financial transactions, including payment of duties, taxes and disbursements;
- comply with the tax and duty requirements of revenue offices; and
- lodge instruments with land registries and receive confirmation of their lodgement and registration.
NB: Although Independent Civil Conveyancing conducts electronic conveyancing, we will not conduct the settlement online without the consent of both parties.
PEXA allows for electronic settlement of land title transfers.
PEXA workspaces are secure ‘meeting rooms’ which are created for each transaction. Activities performed include:
- Creating and signing documents
- Transacting with the LTO
- Processing settlement and lodgement
- Inviting others to join
- Working and communicating within the secure space.