The company responsible for developing a national electronic system for property exchange, National E-Conveyancing Development Limited (NECDL), has announced a new agreement with Accenture to build and design the national platform.
The signing of this agreement follows NECDL's recent acquisition of existing intellectual property for e-conveyancing held by various state governments as well as seed funding from the four major banks which are set to become minority shareholders in NECDL.
The national system, to be known as Property Exchange Australia (PEXA), forms part of the Council of Australian Governments' (COAG) microeconomic reform agenda and is intended to remove the requirement to use paper-based systems for completing property conveyancing transactions.
The Law Council of Australia (LCA), which has been closely involved in the national project since its inception, welcomed the recent progress.
"The Law Council is of the view that for this national system to be effective, NEDCL must remain majority government owned, with the four major banks being minority shareholders in the company," said LCA president Alexander Ward.
"We are very pleased NECDL has received funding from the Queensland, Victoria, New South Wales and Western Australia state governments and the four major banks to progress the national e-conveyancing system past the conceptual stage."
NECDL was established in early 2010 in response to the inclusion of e-conveyancing on the COAG agenda to bring a commercial and national focus to the task.
PEXA is expected to move into an initial operating stage in late 2012.