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A system to make buying and selling property more efficient may have the unintended consequence of increasing costs. Photo: Attila Csaszar

Concerns mount over e-conveyancing

The move to an electronic conveyancing platform for house and land transactions in WA is being rushed, according to a peak lobby group.

Property buyers and sellers have been warned they face a conveyancing cost increase of up to 20 per cent from December 1 this year, due to a state government mandated electronic platform for all house and land transactions.

Late last year, the Western Australian Registrar of Titles ordered the use of all land registry documents to be lodged electronically through a software system operated by Property Exchange Australia (PEXA).

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Comments

The increase in cost is actually higher. Buyers will need to do Verification of ID (currently only required for Selkers) adding approx extra $80 per couple. Banks also have to pay PEXA fee for their part in the transaction (approx $40-50), meaning Buyers will pay extra $200-240 per transaction! Sellers will be $80 less as they already have to do ID.

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