From: David Netherton <David@pacificlaw.com.au>
Tuesday, November 27, 2012
Bill to pave way for cheaper conveyancing for Queenslanders
Queenslanders will be able to access more affordable conveyancing after legislation to join a national electronic conveyancing system was introduced into State Parliament today.
Natural Resources and Mines Minister, Andrew Cripps, said the Electronic Conveyancing National Law (Queensland) Bill 2012 would allow Queenslanders to benefit from participating in a national electronic conveyancing system.
“The national electronic conveyancing system will mean reduced costs and greater certainty that settlement will take place as scheduled,” Mr Cripps said.
“The costs for solicitors and financial institutions to use the electronic lodgement network will be less than the cost of existing charges such as bank cheques and fees for couriers and settlement agents.
“E-conveyancing avoids delays in settlement due to errors in documentation, saving time, inconvenience and additional costs of removal, storage and accommodation.
“In some cases settlement delays can result in the forfeiture of deposits.”
Mr Cripps said participating in the national e-conveyancing system would extend the benefits of Queensland’s highly effective land titling system.
“The national system recognises that many financiers and businesses operate nationwide and that land transactions may involve people in another state or territory,” he said.
“The system involves an online ‘hub’ which can be used throughout Australia to create land titling documents, such as mortgages, and digitally lodge them into the appropriate land registry in any state and the Northern Territory.
“The system will also cater for the electronic financial settlement of conveyancing transactions and payment of associated state duties and lodgement fees.”
Mr Cripps said Queensland’s legislation mirrored that of New South Wales.
“New South Wales has been established as the host jurisdiction with other participating states and the Northern Territory adopting nationally consistent legislation,” he said.
“The proposed legislation does not change Queensland’s substantive land laws as the system relates only to the settlement and lodgement aspects of conveyancing.
“Use of the system will be completely voluntary and the paper-based process for conveyancing transactions will continue to be available.
“National e-conveyancing will be implemented gradually, commencing in Victoria in about April 2013 and is expected to be available in Queensland in late 2013.”