E-conveyancing operational by 2012

A national standard online conveyancing system will be implemented by late 2012 to provide greater efficiency to the banking sector and conveyancing industry, according to The Australian Bankers’ Association (ABA).

Previously listed on the Council of Australian Governments’ to-do list, the new system, known as PEXA (Property Exchange Australia), will see bank cheques eliminated for property transactions, easier coordination of settlements and greater certainty for all, said ABA chief executive Steven Munchenberg.

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