Tasmania is gearing up to launch an electronic conveyancing system that will revolutionise the way property settlements are effected, state minister for primary industries and water Bryan Green has said.
“The new system will provide faster and cheaper services to buyers and sellers of real estate around Australia,” Mr Green said.
Mr Green said the single system for electronic lodgment and settlement of property dealings in every State and Territory will be more convenient for everyone.
“The National System will focus on the lodgement and settlement stages of conveyancing, with the main benefits expected to be a reduction in the cost and the time between settlement, lodgement and registration.
“Cleared funds will be available sooner after settlement and parties to the transaction will have greater certainty of the registration of their interests,” he said.
The National Electronic Conveyancing System (NECS) is expected to be rolled out in 2011, affecting all states. Federal government funding of $942,000 has been secured over two years, helping to bring the project to fruition.