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COAG FINDS WAY FORWARD FOR NATIONAL ELECTRONIC CONVEYANCING SYSTEM
The NECSpress reported that the Council of Australian Governments (COAG) had agreed to include electronic conveyancing in its regular work program. COAG supported the development of a “single electronic conveyancing system for completing real property transactions and lodging land title dealings for registration in Australia”.
At its meeting on 3 July 2008 COAG agreed that:
“A new electronic conveyancing system is to commence in 2010. It will provide an efficient national platform to settle property transactions, lodge instruments with land registries and meet associated duty and tax obligations electronically through a national system. The system is anticipated to reduce substantially costs to business through reduced delays and expense associated with transferring title, simplification processes, elimination of costs and complexities of dealing with eight different systems and increased accuracy in transactions".
It adopted the following principles as forming the basis for the creation of the new system:
a) The system is to provide an efficient and effective national platform to:
- Settle property transactions electronically,
- Lodge instruments electronically with land registries, and
- Meet associated duty and tax obligations electronically;
b) This will require the establishment of an entity which should be owned by all relevant jurisdictions;
c) The new entity Board will be skills-based and include directors with banking, conveyancing, information technology and other relevant commercial skills, as well as directors with knowledge of State and Territory processes concerning land registries, duties and taxes; and
d) The entity is to assess the Victorian electronic conveyancing system ECV and, to the extent it is suitable, use it as the basis for the underlying software for the new system
The Business Regulation and Competition Working Group has been charged with the responsibility of overseeing the implementation of the new system.
The timeframe agreed by COAG for the implementation of the system is as follows -.
October 2008 - Agree to form of legal entity for the new system
October 2008 - Settle and sign governance agreement for the entity
October 2008 - Agree funding for the entity
December 2008 - Establish the entity and appoint the Board
March 2009 - Agree nationally uniform business processes
December 2009 - Any necessary legislative changes in jurisdictions
March 2010 - Commencement of the new system
The National Steering Committee has been progressing the National Roadmap to electronic conveyancing. At its meeting on 18 April 2008 the Committee considered the involvement of COAG as a positive move towards developing a single national system. The principles and implementation plan developed by COAG match the work currently being undertaken by the National Office under the directions of the Steering Committee.
The COAG agreement will dovetail with the progress made to date on developing a National Electronic Conveyancing System. Consequently, it should overcome any lingering concerns about the narrow interest of particular jurisdictions or stakeholder groups unduly influencing outcomes. This means that the electronic conveyancing system ultimately developed can deliver benefits to everyone involved in the conveyancing process across Australia whether they be industry participants or consumers.
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