The Australian property industry is in the process of converting
from the 150-year-old Torrens title physical paper system of
exchange and settlement of property transactions to an online
electronic conveyancing system. The introduction, and in some
cases, mandatory use of the Property Exchange Australia (PEXA)
platform for electronic property lodgment is gearing up to make the
traditional, paper-based settlement process a thing of the
past.
However, as with the introduction of any industry-disruptive
technology, there can be associated risks and property buyers,
sellers, and financiers should be aware of these risks as they
enter into the new era of electronic property transactions.
