WHAT’S OUT

NECS will not provide for:

• advertising and promotion of properties for sale

• procurement of suitable properties for purchase

• vendor disclosures prior to sale

• preparation and exchange of contracts of sale

• pre-settlement investigations by the purchaser

• due diligence investigations for transaction completion

• recovery and disbursement of purchaser deposits held by real estate agents

• hand over of property keys

• procurement of any insurances required by purchasers

• creation and completion of loan documentation, including guarantees

• processes for examining and registering instruments once lodged with a land registry.

• Revenue Office practices for compliance checking of transactions after instrument registration

• financial institution practices for assessing, approving, insuring, servicing and recovering mortgage 
  loans.

While the ability to extend the functionality of NECS beyond settlement and lodgment may be investigated once the system is fully operational, this is not within the scope of the NECS initiative.

Back to top