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A "non-settlement transaction" is the lodgment of a dealing with a Land Registry where there has not been a financial settlement between the parties to that dealing.
As happens now, a client involved in a property transaction will engage a lawyer or conveyancer to represent the client in the transaction. The lawyer or conveyancer will be a subscriber to NECS. Subscribers can certify and sign instruments and settlement instructions on behalf of their clients.
The subscriber creates a workspace with NECS for the transaction. This will be done via the Internet. The subscriber may choose to use the services of a Licensed Service Provider but can access NECS directly. The subscriber enters the jurisdiction, title references and the instrument type required. NECS then retrieves the relevant information recorded with the jurisdiction’s Land Registry and populates the workspace with that data.
The subscriber confirms or changes the information as necessary, and provides any other information required. Once this is done, NECS presents a formatted instrument and requests the relevant certifications and signing on behalf of the client. A subscriber then uses a digital signature certificate to certify and sign the instrument.
NECS verifies that the digital signature matches the subscriber, and if necessary, that the subscriber is qualified to make the certification. If verification fails, the subscriber is prevented from certifying and signing the instrument.
After being verified by NECS, the instrument is sent to the Land Registry for lodgment. The workspace remains available for 90 days to make any changes or re-lodgments necessary as a result of any requisitions raised by the Land Registry.
On receipt of the instrument the Land Registry verifies the digital signature, the accreditation status of the subscriber, the integrity of the data in the instrument. If any of these verifications fail, the Land Registry will not accept the instrument for lodgment and NECS is notified.
The subscriber is notified by email when the instrument is registered or a requisition is raised. NECS is also notified and the information is added to the workspace. Following registration, the instrument is made available by the Land Registry for public searching.
NECS will require the subscriber to nominate the method of payment of any fees, taxes and duties, as there is no electronic settlement to facilitate such payments.
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