News / development of National e-conveyancing platform (PEXA) on track /
development of National e-conveyancing platform (PEXA) on track
22 May 2012
Partner Michael Klatt reports on the latest development with the establishment of PEXA, the national e-conveyancing platform.
On 7 May 2012, the Chairman of the National Electronic Conveyancing Development Limited (NECDL), Alan Cameron AO, announced that the NECDL has commenced the building of PEXA. The announcement follows the successful completion of the design phase for the project, which included a detailed assessment of the build cost, and the securing of funds to develop the first release.
The build of PEXA is expected to continue throughout 2012 with the first release planned for testing in early 2013.
The NECDL was formed in early 2010 to establish a single national e-conveyancing system. Once completed, there will be an online platform that will operate as a system for various parties to a conveyancing transaction to electronically prepare and settle property transactions. These will then be lodged with a Land Registry.
The system operates in Victoria and while it is unique to that state, it contains many elements that are useful for a national system. NECDL has acquired the intellectual property from Electronic Conveyancing Victoria. Together with intellectual property from other states, this material will provide the foundation components for the national system.
The first release of PEXA will allow for single party transactions such as standalone mortgages and mortgage discharges as well as refinancing.
Funding has been secured from an additional cash investment from existing shareholders and an investment from Macquarie Capital. Macquarie Capital joins the four major participating banks as a shareholder in NECDL and has taken a position on the NECDL Board.
State shareholders continue to maintain majority ownership in NECDL.
The delivery of a national e-conveyancing platform forms part of the Council of Australian Governments' (COAG) micro-economic reform agenda and is one of the deregulation priorities under the National Partnership Agreement to Deliver a Seamless National Economy.
For more information, please contact:
Michael Klatt | Partner
t +61 7 3224 0370
f +61 7 3224 0333