On 20 February 2023, the use of e-Conveyancing was mandated in Queensland. This means that all sales and purchases of residential land (and certain other matters) must occur online.
Apart from limited exceptions, the days of meeting in person and passing documents and cheques around a table or even having to wait three days to receive your money are gone. The digital alterative allows for the immediate registration of the transfer documents and receipt of the funds to your bank account.
The platform we use to complete the digital conveyance is called PEXA. PEXA has been established since 2010 so it is not new. In fact, nearly 90% of all transactions in Queensland are already occurring on PEXA. It is efficient, secure and tightly regulated.
An important note is that only approved customers who meet the eligibility criteria can access PEXA. Obtaining legal representation with a sale or purchase not only gives you peace of mind by allowing you to make informed decisions, it also simplifies compliance with the e-Conveyancing mandate.