Monday, December 9, 2013

Electronic Conveyancing System

National Electronic Conveyancing System (NECS) is creating a system to settle property transactions, lodge instruments with land registries, and pay associated duty and tax obligations electronically.

This should not mean an increase in the cost of conveyancing services, what should be effected is speed and (eventually) reliability.

When will it start?
During September 2014, PEXA (the NECS system) will launch to practitioners in New South Wales.

How It Will Work
Legal practitioners, conveyancers, banks and mortgage processors will access the system either through system-to-system web services or an Internet browser.
Within the system a shared electronic workspace will be created for each property transaction. Within the shared workspace, the parties will be able to electronically provide, certify and sign information that can be relied upon to update the Title Registers.
Digital Signature Certificates will ensure all information lodged with or delivered from a shared workspace is authenticated and cannot be repudiated.
Financial settlement through the RBA’s Information and Transfer System (RITS) system will ensure all payments and disbursements are received promptly as cleared funds (ie. available immediately).