NECS - What it does - what it doesn't do

The proposed NECS focuses on the lodgment and settlement stages of conveyancing. Using NECS, practitioners would electronically:

• prepare dealings and related instruments to register changes in ownership and interests


• settle financial transactions (including payment of duties, taxes and any disbursements)


• lodge their dealings with the appropriate Land Registry


• receive confirmation of dealing lodgment and registration.

The proposed NECS does not cover:

• preparation and exchange of contracts for sale


• pre-settlement investigations


• procurement of any insurances required by purchasers


• creation of loan documentation


• processes for examining and registering instruments once lodged with a Land Registry.

Source NECS