PEXA signs up lawyers and conveyancers
Victorian lawyer Nino Galgano became the first practitioner to use the PEXA platform when he successfully lodged a caveat on a Victorian property title this week.Galgano is one of a number of property lawyers and conveyancers who have migrated to PEXA from the Electronic Conveyancing Victoria pilot.The rollout of the PEXA electronic exchange is starting to gather momentum. Last month Suncorp Bank, Teachers Mutual Bank and bankmecu joined the big four banks as PEXA members.The banks are performing standalone functions such as discharges. Initially, practitioners like Galgano will be able to perform caveat lodgements and withdrawals PEXA expects to move to the next stage of its development in October, when participants in New South Wales and Victoria will be able to complete property transfers and financial settlements on the exchange's clearing system.