Consumer issues: It's a new day, it's a new dawn, it's a new life … : PEXA, electronic conveyancing, and consumers

The most significant change to conveyancing since the introduction of the Torrens system is now underway. The nationwide rollout of electronic conveyancing through Property Exchange Australia (PEXA) aims to deliver a system that will minimise manual procedures, be quicker than traditional conveyancing, eliminate the need for physical interaction between participants, and deliver a more certain outcome. Consumers should also benefit, with 25% of current buyers suffering financially under the existing paper-based manual processes. In this article, the role of PEXA is outlined and then consideration is given to the consumer benefits of participating in online settlements.