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Technology continues to revolutionise the world and it has helped the legal industry streamline processes and increasing efficiency. One of the most significant recent advancement in Australia’s legal world, is the introduction of mandated electronic conveyancing of certain transactions, which has significantly changed how property transactions are conducted.
PEXA (Property Exchange Australia Limited) is an electronic conveyancing platform that enables lawyers, conveyancers, and financial institutions to complete property transactions digitally. In response to the growing demand for electronic conveyancing, PEXA provides guidelines that are designed to make electronic conveyancing more accessible and efficient for users.
Here’s what you need to know about the PEXA guidelines and how they could impact your property transactions.
Improved Verification of Identity (VOI) Requirements
There is an emphasis on verifying the identity of all parties involved in a property transaction. This includes the buyer, seller, and any other parties involved in the transaction. The guidelines require a minimum of 100 points of ID to be verified for each party involved in the transaction. There are requirements for face-to-face verification of identity for certain parties.
While these requirements may seem burdensome, they are designed to ensure the security and integrity of property transactions conducted through PEXA. By implementing rigorous VOI requirements, PEXA is helping to prevent fraudulent activity and ensuring that transactions are conducted with the utmost care and attention.
Guidance for Certifying Authority (CA) and Digital Certificates
In addition to the VOI requirements, the PEXA guidelines provide detailed guidance on the use of Certifying Authority (CA) and digital certificates. CAs are responsible for verifying the identity of PEXA users and issuing digital certificates, which are used to sign and encrypt documents within the PEXA platform.
The guidelines provide information on how CAs should operate, including requirements for physical and network security, personnel training, and ongoing compliance monitoring. By providing such detailed guidance on the role of CAs and digital certificates, PEXA is helping to ensure that all parties using the platform can do so with confidence.
Requirements for Financial Transactions
There are also requirements for financial transactions, such as the payment of stamp duty and other fees associated with property transactions. Under the guidelines, users are required to verify their financial institution’s account details prior to making any financial transactions through PEXA.
Overall, the PEXA guidelines represent a significant step forward in the ongoing evolution of electronic conveyancing in Australia. By providing detailed guidance on important aspects of the platform, such as VOI requirements, CAs, and financial transactions, PEXA is helping to ensure that property transactions conducted through the platform are secure, efficient, and reliable.
For lawyers and conveyancers, the guidelines may require some adjustments to existing processes and procedures which are sure to continue to develop. However, by embracing the guidelines and incorporating them into their workflows, legal professionals can take advantage of the numerous benefits offered by electronic conveyancing.
Marino Lawyers are committed to staying at the forefront of legal technology and ensuring that clients have access to the latest tools and resources. If you have any questions about the PEXA or electronic conveyancing in general, please don’t hesitate to contact our office.
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