Benefits of NECS

The National Electronic Conveyancing System (NECS) is bringing land titles administration in Australia into the 21st century. The key benefits include:

• practitioner and consumer convenience
• practitioner efficiency gains ultimately passed on to consumers
• end-to-end electronic processing from dealing preparation to registration
• single interface for national businesses
• common functionality for users in all jurisdictions
• easier cross-border transactions
• transparent application of jurisdiction rule differences
• monies from property sales available as cleared funds for immediate re-use.

Specifically, greater convenience and efficiency gains will be achieved through:

• sharing of information
• settling the financial aspects of transactions without cheques or settlement meetings
• paying fees, duties and taxes at settlement without cheques or mail delays
• linking dependent transactions for simultaneous settlement
• using instant messaging to communicate directly and conveniently with other parties
• using a noticeboard to make relevant documents readily available to other parties
• using diaries to record actions taken and reminders of what remains to be done
• having business rules ensure all information provided is correct, consistent and complete
• using integrated checks against Title Registers to ensure safe settlements
• lodging instruments and delivering reports electronically without the delays of mail and couriers
• receiving confirmations electronically of lodgments and registrations
• integrating all of the above facilities with in-house systems using a common data standard.

Back to top