The digital age continues to benefit Australian property transactions, as the first stage of a national e-conveyancing system is now live in Queensland.
“The Newman Government is delivering on its commitment to implement more streamlined, simplified conveyancing by being part of this national system,” said Andrew Cripps, Minister for Natural Resources and Mines.
The sunshine state joins Victoria and New South Wales as the early enablers of e-conveyancing for property related transactions. The new system does away with paper documents by enabling mortgage dealings and releases to be processed online. All Australian states and the Northern Territory will participate in national e-conveyancing, which is being rolled out in stages.
“We are slashing the red tape that was holding industry back… by being part of this new easy-to-use, streamlined system,” Mr Cripps said in a statement. “The majority of mortgages lodged online will be registered within minutes, instead of the current one or two day turnaround.”
This first stage is expected to set the foundations for the next phase of e-conveyancing, scheduled to go live in 2015. The second phase aims to accommodate a broader range of property transactions, and also open the system to lawyers conducting property transfers on behalf of their clients, extending the benefits more widely across the Queensland economy.
Mr Cripps said e-conveyancing would also enhance the benefits of Queensland’s land titling system.
“The national e-conveyancing system will allow the settlement and lodgement of documents through a nationally accessible system, no matter where the land and the parties are located,” he said.
“The system will be fast and secure and will allow subscribers to interact with the land title registries at various stages to transfer data, alert parties of relevant activity, and confirm accuracy before lodgement.”
The end goal will be for all property transactions to be carried out entirely online.