The highly anticipated move to e-conveyancing of property transfers commenced in Victoria on 1 October 2018. Property Exchange Australia (PEXA) is an online settlement platform which now facilitates the lodgement of registry and financial statements, and applies to a majority of conveyancing transactions. The platform is now operating live throughout Australia and is integrated with all State Revenue Offices. In Victoria, it means that if any instrument is signed on or after 1 October 2018, and available in PEXA, it must be lodged electronically. As a result, settlement cheques and paper titles will slowly be phased out, in exchange for an efficient and low-cost settlement regime.
Cybercrime
With the anticipated rise of cybercrime in sight (which may involve phishing expeditions, or the use of compromised email accounts to facilitate fraud), conveyancers must act vigilantly and take proper care when electronically processing settlement payments and financial documents.
Claims of e-conveyancing fraud allegedly facilitated by sophisticated email and hacking scams have already surfaced, reminding all professionals to tread carefully during this transitional phase.
Professional Conduct…
