National Electronic Conveyancing Development Ltd is on track to start operating Australia's new electronic property exchange by the middle of the year.A director of NECDL, Chris McRae, said the exchange platform, PEXA, is going through tests in Victoria and is scheduled for a commercial release in Victoria in June. The involvement of land titles' registries in other states will follow next year.The first release of the platform will involve electronic conveyancing of discharges, standard mortgages and refinancing. It will be limited to the four major banks, initially.McRae, who was speaking at the AB+F Mortgage Innovation conference in Sydney yesterday, said the second release was scheduled for the second quarter of next year.This will include all state land title registries, a broader range of transaction types, such as caveats, and all participating financial institutions. McRae said that for conveyancing to be completed electronically both sides of the transaction would need to be PEXA participants.He said a financial settlement process was in development, in conjunction with the Reserve Bank. There is no schedule for its implementation.A national electronic conveyancing system has been on the drawing board since 2008, when the Council of Australian Governments adopted it as a project. COAG sponsored the formation of NECDL in 2010.NECDL developed the PEXA electronic conveyancing platform.Last year, the New South Wales Parliament passed the Electronic Conveyancing (Adoption of National Law) Act 2012, which is uniform national legislation. The other states and territories have agreed to adopt it.McRae said the Victorian Parliament had already passed the bill and it was presently going through the Queensland Parliament.