A NATIONWIDE electronic platform for real estate conveyancing is a step closer following an agreement by the Lending Industry XML Initiative (LIXI) to develop common data standards.
National Electronic Conveyancing Office executive director Simon Libbis said LIXI's involvement was crucial for the project's success.
"It is invaluable to have data standards that are consistent with those currently used in mortgage processing," Mr Libbis said. "We are very pleased to have LIXI's expertise available to us for e-conveyancing."
NECO is a co-operative venture between state government agencies, conveyancers, banks and independent mortgage processors, which aims to build an electronic exchange by 2010.
The platform will provide a convenient means of handling changes in property ownership, payment of government duties, and lodging details with state land registries.
LIXI was set up in 2000 as a non-profit industry group with the aim of developing software standards for data exchange across the lending market.
LIXI chief executive Socrates Vasiliadis said the agreement validated the group's work and delivered value to members.
"This project will change the way transfers of property ownership are managed, and simplify the settlement process," he said.
The Australian IT Section
Karen Dearne
MAY 15, 2007
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