Online property transactions begin in Queensland
Online property transactions begin in Queensland
Posted on Friday, December 13 2013 at 12:32 PM
The first stage of a national electronic conveyancing system is now operating in Queensland.
Andrew
Cripps, the state’s Minister for Natural Resources and Mines, says the release
of Property Exchange Australia will allow mortgage dealings and releases to be
processed online.
The
state has now joined Victoria and New South Wales in using e-conveyancing for
property related transactions.
“The
majority of mortgages lodged online will be registered within minutes instead
of the current one or two-day turnaround,” Cripps says.
The
move marks the first step towards full online processing.
“The
release of stage one is a significant milestone and sets the foundations for
the next phase of e-conveyancing, which will accommodate a broader range of
property and title transactions.
“The
planned release in 2015 of stage two will open the system to lawyers conducting
property transfers on behalf of their clients, extending the benefits more
widely across the Queensland economy.”
Cripps
says e-conveyancing will eventually encompass all processes required in
property transfers and transactions.
“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.
“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
Queensland Government says e-conveyancing will not change each state’s control
over its land titling laws and titles register.
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