The ACT is set to see its first digital conveyancing transactions take place before the year is out.
The ACT Registrar-General has signed off on PEXA becoming an electronic lodgment network operator (ELNO) in the territory, with the approval following the passage of digital settlement legislation through the Territory government back in 2020.
According to PEXA, it brings “Australia’s property industry one step closer to achieving a nationally consistent electronic conveyancing solution.
PEXA Group CEO, Glenn King, said they hope the first “live” transaction will go through the PEXA platform by the end of this year.
“We are delighted to bring the security and efficiencies of a digital property settlement platform to ACT home buyers and sellers.”
According to Mr King, “this is an exciting milestone for the industry, made possible by exceptional collaboration between the ACT government, the broader property sector, and financial institutions.”
PEXA indicated that the ACT government, financial institutions and legal practitioners will work closely with the platform as they run through onboarding processes and final testing phases prior to the first “live” consumer transactions.