Electronic Conveyancing and Titles

What is Electronic Conveyancing?

In Victoria, property transactions, with few exceptions, are now required to be conducted electronically using a platform known as PEXA (Property Exchange Australia).  This includes such transactions as buying or selling a home, subdividing, refinancing and related parties transfers.

Electronic Conveyancing (e-conveyancing) helps Conveyancers and Legal Practitioners streamline the settlement process in a secure and accurate way.  E-conveyancing helps to minimise delays as it allows all parties to the transaction to work together in one online workspace across Victoria.

For example, e-conveyancing allows many settlements to take place each day by removing the need for parties to a transaction to attend a particular location in person to exchange paper-based documents.

What is PEXA?

PEXA is an electronic Settlement platform used by all Conveyancers, Legal Practitioners and Lenders in property related matters.  PEXA provides a one-stop shop for property settlements to ensure a smooth and secure settlement.

What are the requirements of E-Conveyancing?

There are certain documents required for Conveyancers and Legal Practitioners to act on your behalf electronically.  These documents include the following;

• Client Authorisation Form
• Verification of Identity

The Client Authorisation Form allows your representative to act on your behalf electronically.  This document can vary from specific transactions to covering multiple transactions within a prescribed period.  Your representative will prepare this for you to sign based on your instructions.

A Verification of Identity is required to be completed in accordance with section 106A(1) of the Transfer of Land Act 1958 (Vic) to verify the identity of our clients in relation to transactions involving land.  You will be required to provide 100 points of identification to satisfy the Verification of Identity requirements.  The Verification of Identity can be done in person at one of our offices, remotely online or at an Australia Post outlet.

Electronic Titles

Certificates of Title issued from e-conveyancing transactions will no longer be on paper and are now known as an Electronic Certificate of Title (ECT).

ECT’s reduce the risk of losing your paper title and the need for a Lost Title Application which can be time consuming and expensive.  They also allow for Titles to be easily transferred between Conveyancers, Legal Practitioners, and lenders at the request of the Title owner. ECT’s assist in streamlining the property transaction as they can be easily located and transferred as required.

Electronic Titles are issued to the nominated party in the transaction upon settlement, this is known as ECT Control.  For example, if you have a mortgage over your property, your lender will have ECT Control as security for the loan. If you have what is known as a ‘clear title’, meaning there is no registered mortgage, the control will be allocated to your representative.

Can I have electronic control of my title?

No, electronic control must be nominated to a PEXA subscriber being a conveyancing firm, legal practitioner or financial institution.   If you have a mortgage, ECT control will be held by your mortgagee.  If you discharge your mortgage, your financier will request details of your conveyancer or legal practitioner to transfer the ECT control to hold on your behalf.

What happens if I want to sell my property and my representative does not have ECT control?

To transfer control of an ECT is as simple as signing an Authority to release form.  The electronic control will then be passed to your nominated representative via PEXA.

At Coulter Legal, we have both experienced conveyancers and lawyers to assist you with the process of buying or selling property.  Contact us today 03 5273 5273.