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Support for electronic conveyancing

AICWA letter to the Hon Ben Wyatt MLA, Treasurer; Minister for Finance; Aboriginal Affairs; Lands.

 

 

Dear Minister,

The Australian Institute of Conveyancers WA Division (AICWA) the peak body representing Conveyancers  and Settlement Agents in Western Australia congratulates the State Government, in particular Landgate, for having achieved a $186m return from the sale of its share in PEXA.

The PEXA platform is now achieving many of the expectations that the conveyancing profession had envisaged when the COAG agreement to deliver a national electronic conveyancing solution was commenced.

Conveyancers and consumers in Victoria are now benefiting from having a PEXA platform capable of managing approximately 99% of all property transfers, with New South Wales and South Australia following closely behind. However, the same cannot be said for Western Australia where eligibility has decreased to well below 70%, resulting in a less than satisfactory continuation of dual processes.

If eligibility of property transfers in Western Australia is to improve and achieve parity with other states there needs to be an agreed timeline along with appropriate resourcing and support for Landgate and the Office of State Revenue.

The current situation lends itself to the continuation of a dual system that is not conducive to effective property settlements, the remittance of stamp duty or the effective means by which the land registry is updated. Maintaining dual processes is an added burden that continues to drive additional labour costs along with time delays and the potential for consumers to experience uncertainty as to when settlement will occur.        

The AICWA believes that as the Minister for Finance and Lands you are uniquely placed to deliver the intended outcome of the COAG agreement here in Western Australia. We therefore, urge you to encourage and facilitate an increase in eligibility of land registry documents by requiring both Landgate and the Officer of State Revenue to develop a realistic timeline for achieving 100% eligibility.

The sale of the State Government’s interest in PEXA should not be seen as a conclusion to the COAG agreement or the final delivery of an electronic conveyancing solution. The property industry both locally and nationally is on the cusp of sharing in the benefits of the PEXA platform, you as the Minister along with  key stakeholders such as the AICWA share in the responsibility of achieving a truly national electronic conveyancing solution.

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