The Australian Capital Territory (ACT) has become the latest state and territory to formally introduce online property settlements with the first live transactions officially lodged with the Territory’s land registry on 8 December.
The ACT Government first passed legislation enabling online settlement in the territory in May 2020. Glenn King, PEXA Group CEO said, “We know the arrival of digital property settlements has been highly anticipated within the community. It is incredibly exciting for all involved to have reached today’s landmark launch, and on behalf of PEXA we congratulate all involved.”
“This is certainly a momentous day for the ACT Government and all those who have enabled this day to occur, including lawyers and financial institutions.”
“We look forward to seeing the benefits of seamless and secure digital conveyancing support ACT homebuyers and sellers in the months and years ahead.”
Today, more than 80% of all property settlements are processed digitally, with 20,000 Australian homebuyers and sellers each week using the online platform. Currently, Tasmania and the Northern Territory are the only states and territories not involved in PEXA’s network.
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