Conveyancing made easier

Conveyancing made easier

Posted on Thursday, November 29 2012 at 2:42 PM

Investors who buy in Queensland will be able to access more affordable conveyancing, after legislation to join a national electronic conveyancing system was introduced into Queensland State Parliament.

Natural Resources
and Mines Minister Andrew Cripps says the Electronic Conveyancing National Law (Queensland) Bill 2012
will mean reduced costs and greater certainty that settlement will take place.

“The costs for
solicitors and financial institutions to use the electronic lodgement network
will be less than the cost of existing charges such as bank cheques and fees
for couriers and settlement agents.

avoids delays in settlement due to errors in documentation, saving time,
inconvenience and additional costs of removal, storage and accommodation.

“In some cases,
settlement delays can result in the forfeiture of deposits.”

Cripps says
Queensland’s legislation mirrors that of New South Wales.

“New South Wales
has been established as the host jurisdiction with other participating states
and the Northern Territory adopting nationally consistent legislation,” he

“The proposed
legislation doesn’t change Queensland’s substantive land laws, as the system
relates only to the settlement and lodgement aspects of conveyancing.

“Use of the
system will be completely voluntary and the paper-based process for
conveyancing transactions will continue to be available.

e-conveyancing will be implemented gradually, commencing in Victoria in about
April 2013 and is expected to be available in Queensland in late 2013.”

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