The National E-Conveyancing Development Ltd (NECDL) was a government-owned organisation set up by Australian governments. It was established by and majority owned by the Victorian, New South Wales, Queensland and WA state governments.
History In July 2008, an agreement reached at a COAG meeting was that work should commence on creating a national single electronic system for settling property sales and transactions in Australia. At the time, processing each settlement of real property transactions through the registration of a transfer of title on torrens titles was paper-based by each State and Territory Government's Land and Title Registrar.
The NECDL was then established in 2010 in order to coordinate this national approach to e-conveyancing.
In 2011 all six States and the Northern Territory signed the Electronic Conveyancing National Law Agreement, an Intergovernmental Agreement for developing, implementing and managing the regulatory framework for national e-conveyancing.
Rebranding The name was changed to Property Exchange Australia Ltd (PEXA) in 2014.
Privatisation The organisation was privatised through a trade sale to private investors made up of Link Group, the Commonwealth Bank of Australia and Morgan Stanley Infrastructure Inc in January 2019 for A$1.9 billion. The company is now listed on the ASX as PEXA Group Ltd.
References
External Links
Australian Registrars National Electronic Conveyancing Council