In preparation for one of the most significant changes to property transactions this century, the partnership with the AIC will allow Veda to work with the peak conveyancing body and its members in the transition to electronic conveyancing.
The AIC is the recognized conduit for providers of services to the conveyancing profession through its wide ranging business partnership program with selected and valued industry associates.
Carol Chris General Manager, Commercial & Property Services says, “This is an exciting time for the industry which will lead to faster and more accurate online settlement. When you consider there are over one million property transactions a year in Australia, the move to e-Conveyancing presents a big opportunity for the industry in terms of speed and efficiency.”
As a sponsor of Property Exchange Australia (PEXA), Veda is well placed to support their customers make a seamless transition from the current manual settlement process to the future e-settlement process. Veda’s existing capability with online verification identity (VOI) further enhances the service to their customers with the ability to offer title searches online, should this become part of the PEXA registration process.
The move to e-Conveyancing is a two staged approach. Stage one commenced in late 2013 with select land registries and financial institutions integrating into PEXA. Stage two will commence in late 2014 when land registries and financial institutions will continue to be brought on board, and practitioners will also be invited to join.
Source: Veda Press Release