Media Releases

Australian Institute of Conveyancers applauds the launch of the new electronic conveyancing platform “PEXA”.

June 28


Following satisfactory completion of the first electronic transaction on PEXA in Victoria, the
Australian Institute of Conveyancers have praised the efforts of National e-Conveyancing
Development Limited (“NECDL”), its developer.


“This is the biggest reform to our industry since the introduction of the Torrens system more than
150 years ago” Jeff Stevens, AIC National President said. “Conveyancers and Solicitors are anxiously
watching the progress of transactions on PEXA following ten years of negotiation, dialogue,
development and false starts.”


Conveyancers and Legal Practitioners settle millions of transactions each year being forced to use
cumbersome and outdated processes which have not kept pace with technology. “Outsourcing by
banks has contributed to the current outdated paper system becoming even more expensive and
inefficient”, he said.


“NECDL has grown rapidly under CEO Marcus Price, and his team and have delivered a platform
which has now proven itself. This is a world first for total electronic transactions including the
financial component”. The COAG agenda item called for cooperation and investment from the state
governments, banks and industry. Those organisations saw the benefit of the huge productivity
gains and ultimately cost savings in the process and the level of cooperation over the last four years
has contributed to the launch. “The AIC and other stakeholders will anxiously watch further
developments until party to party transaction come on stream in the short-term and industry will
embrace the system for the obvious advantages it will bring”, says Jeff Stevens.


Media contact:
Jeff Stevens, AIC President, P: 08 8232 8255
Rosemary Cotton, National Secretary AIC , P: 0458 555 243 E: rosemary@aicnational.com.au
www.aicnational.com.au


The Institute has set goals for the advancement of the profession of Conveyancing across the nation
and is committed to best practice. We are committed to ensure that there are nationally consistent
legislative frameworks for conveyancers and the appropriate consumer protection in place in all
States.

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