About the National Electronic Conveyancing System (NECS)

NECS is a cooperative development between industry and all State and Territory governments.

Individual States and Territories have been working towards an electronic conveyancing environment for some time and have various initiatives underway.  The States and Territories have come together with the conveyancing industry to create a National Electronic Conveyancing System (NECS). 

They have established:

• A National Steering Committee, made up of government and industry representatives, to drive the process
• A National Electronic Conveyancing Office, headed by Simon Libbis, to support the Steering Committee
• A proposed National Business Model for the National Electronic Conveyancing System, which was discussed throughout 2006 by industry and government.

The consultation was completed by early 2007.  This consultation worked together with the findings from independent consultants and  assisted the National Steering Committee at its meeting on 30 March 2007 AND AGAIN ON 29 JUNE 2007, to endorse the National Business Model as the basis for defining and implementing NECS.  The consultation and consultancy work will be used to update and republish the Roadmap documents in the second half of 2007.  

The National Steering Committee has charged the National Office with developing the details of the NECS project as quickly as possible.  Work has commenced on the development of participation and settlement rules, together with the development the Constitution and Shareholder Agreement for NECS Ltd.  NECS Ltd will be the company which will operate NECS.  It is envisaged that it will be a public company with jurisdiction shareholders.

Overview of the National Electronic Conveyancing System (NECS)

NECS will be a single system built in such a way as to be usable for lodgment and settlement in every State and Territory.  The system will provide a convenient electronic means for legal practitioners, conveyancers, banks and independent mortgage processors to:

• Prepare dealings and related instruments to register changes in ownership and interests
• Settle financial transactions (including payment of duties, taxes and any disbursements)
• Lodge their dealings with the appropriate Land Registry
• Receive confirmation of dealing lodgment and registration.

The outcome is expected to be a more efficient industry able to offer better, faster and cheaper services to buyers and sellers of real estate everywhere in Australia.

For fact sheets on NECS, click here.

For more detailed information about the proposed national business model for NECS, download the full draft National Business Model.
 
For information about the National Electronic Conveyancing Office, you may click here. 

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