From 20 February 2023, it is now compulsory for all Queensland conveyancing transactions to be settled online, via an electronic settlements platform like PEXA. This would move Queensland in line with the other states like New South Wales, Victoria, and Western Australia who have had electronic conveyancing mandated for some time now.

It represents a positive development for the sunshine state whose property market has generally outperformed the rest of the Eastern states over the last 12 months. PEXA ensures smoother, quicker settlements with less incidence of delays.

In the past if you were, for example, purchasing a property in Nerang or Benowa on the Gold Coast, your settlement would likely need to physically take place in a settlement room in Brisbane with four or five representatives being present. If one of your representatives was delayed or there was a discrepancy on any of the settlement documentation, settlement would fail and would need to be rebooked after a few days. This was hugely inconvenient and often caused major stresses for buyers and sellers.

With electronic conveyancing, settlement takes place on an online platform with representatives from buyer and selling and the banks logging in remotely on a secure digital website. Any discrepancies in the documentation can be amended online and settlements need not be delayed like before.

The PEXA platform is the leading e-conveyancing platform in Australia, and it has been used to conduct more than 8 million property transactions since its launch in 2013.

The new PEXA mandate in Queensland applies to all property transactions, including transfers of ownership, mortgages, and caveats. This means that all parties involved in a property transaction, including buyers,sellers, lawyers, and banks, must use the PEXA platform to complete the transaction.This requirement applies to both residential and commercial property transactions.

In conclusion, the new PEXA mandate for electronic conveyancing in Queensland is a significant development in the state's property market. It represents a move towards greater efficiency, transparency, and security in property transactions, and it is an important step towards modernizing the conveyancing process. While there may be some initial challenges and adjustments required for those who are used to paper-based transactions, the benefits of electronic conveyancing are clear, and it is expected that this new mandate will be welcomed by the property market as awhole.