About $80 million will be saved by the Western Australian property sector over 17 years with online property settlements resulting in an improved conveyancing process, reduced timeframes and increased productivity.
The measure has been recognised in the inaugural 2015 Red Tape Reduction Report Card.
Lands Minister Terry Redman said with the expansion of the State's electronic conveyancing system now completed, settlement agents, legal practitioners and financial institutions can arrange settlements, pay transfer duty, financial settlements, and prepare and lodge land documents via Property Exchange Australia Ltd.
Mr Redman said in many cases, those selling property had cleared funds in their accounts within an hour of settlement.
"The expansion has benefited sellers and buyers as there is improved certainty with settlement dates and reductions in government red tape in the land transaction process," he said.
Finance Minister Bill Marmion congratulated Landgate for its achievement with the implementation of electronic conveyancing and its collaboration with the Office of State Revenue to improve conveyancing outcomes.
Landgate is also considered a leader in the way it manages, maintains and delivers public sector data as evidenced by the launch of the State's new Shared Location Information Platform (SLIP) last year.
"Having publicly available data in the one place reduces duplication and costs, and provides the public with better opportunities to discover innovative and exciting ways to use data - anywhere, anytime," Mr Redman said.
Mr Marmion said the launch of this platform demonstrated the Government's commitment to deliver real, practical benefits and made this rich source of information more accessible to all.
"The digitalisation of services is one way the Government can reduce regulatory burden and make life easier for business and the community," he said.
Fact File
To access the SLIP portal, click here
Read the Government's Red Tape Reduction Report Card here
Submit your ideas to reduce red tape and #ShredTheRed here
Lands Minister's office - 6552 6700
Finance Minister's office - 6552 6800
