The Australian capital has become the latest jurisdiction to officially bring in online property settlements.
On Wednesday this week (8 December), the first live transactions were officially lodged with the territory’s land registry.
The “significant milestone” follows an extensive pilot period that involved legal practitioners, big four banks, and the ACT government.
Speaking on the day the system went live, Property Exchange Australia (PEXA) Group chief executive Glenn King commented that it “is incredibly exciting for all involved to have reached today’s landmark launch, and on behalf of PEXA we congratulate all involved.
“This is certainly a momentous day for the ACT government, and all those who have enabled this day to occur, including lawyers and financial institutions. We look forward to seeing the benefits of seamless and secure digital conveyancing support ACT homebuyers and sellers in the months and years ahead.”
Back in September, REB had noted that the ACT Registrar-General had signed off on PEXA becoming an electronic lodgement network operator (ELNO) for the territory.
It followed the approval of digital settlement legislation by the territory government back in 2020.
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Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.