Electronic conveyancing (eConveyancing) is the digital completion of a conveyancing transaction and is used to settle many conveyancing transactions in Australia. These transactions take place on Electronic Lodgment Networks (ELNs) and there are currently 2 operators of these networks, Property Exchange Australia (PEXA) and Sympli, that provide eConveyancing services.
IPART is commencing its review on the fees Electronic Lodgment Network Operators (ELNOs) may charge for eConveyancing services. This review is the second task that the NSW Government has requested from IPART following our review of a national pricing regulation framework for interoperable eConveyancing transactions between ELNOs.
IPART has been asked to investigate and make recommendations on:
- whether the service fees ELNOs charge should be regulated
- if so, whether a regulated method or level of price should apply, what this should be and when this should apply
- future adjustment and review processes for ELNO service fees.
We will shortly issue a call of submissions from interested stakeholders.