Property transactions join the digital age

Friday December 13th 2013

Property transactions join the digital age

Property transactions have become easier, with stage one of a national e-conveyancing system that does away with a number paper documents, now live in Queensland.

Minister for Natural Resources and Mines Andrew Cripps said the release of Property Exchange Australia in Queensland means mortgage dealings and mortgage releases can now be processed online.

“The Newman Government is delivering on its commitment to implement more streamlined, simplified conveyancing by being part of this national system,” Mr Cripps said.

“We have joined Victoria and New South Wales as early enablers of e-conveyancing for property related transactions with Queensland’s first dealing occurred yesterday.

“The Newman Government is moving Queensland into the digital age and delivering on our election commitment to grow the construction pillar of the Queensland economy.

“We are slashing the red tape that was holding industry back under Labor by being part of this new easy-to-use, streamlined system.”

Mr Cripps said the ability to lodge mortgage dealings and mortgage releases online was the first step towards full online processing.

“The majority of mortgages lodged online will be registered within minutes instead of the current one or two day turnaround,” he said.

“The release of stage one is a significant milestone and sets the foundations for the next phase of e-conveyancing, which will accommodate a broader range of property and title transactions.

“The planned release in 2015 of stage two will open the system to lawyers conducting property transfers on behalf of their clients, extending the benefits more widely across the Queensland economy.”

Mr Cripps said e-conveyancing would also enhance the benefits of Queensland’s highly effective land titling system.

“The national e-conveyancing system will allow the settlement and lodgement of documents through a nationally accessible system, no matter where the land and the parties are located,” he said.

“The system will be fast and secure and will allow subscribers to interact with the land title registries at various stages to transfer data, alert parties of relevant activity and confirm accuracy before lodgement.”

All Australian states and the Northern Territory will participate in national e-conveyancing, which is being rolled out in stages, however its introduction will not change each state's control over its land titling laws and titles register.