Sunday, July 22, 2007
The top 10 shitty things lawyers have to contend with FIs
- Haven't I faxed you the Contract, Transfer and Title 3 times already? CBA
- Look, we sent you a copy of the Transfer , yet the name of the Mortgagor is wrong, you need to redo the Mortgage documents. Even worse the ANZ not once but twice lost a stamped Transfer
- For the sixth time, we need a letter confirming the amount of the original loan and the payout figure. Our client urgently needs this to get a deposit release Westpac
- How do I navigate through this phone system - I just want to book in a settlement or change the time
- Quote "We have lost or misplaced the bank cheques; did our settlement clerk take the cheque(s) by mistake?" NAB
- We cant find the title. Which bank, (our firm alone deals with banks that lose titles on average 3 to 4 times a year)
- What do you mean I cant email you? I have a 50 page document I need to send you. This is the year 2010. Westpac: phone, fax or post.
- I have been put on hold for 53 minutes - HSBC
- How come you cant give a payout figure? Settlement is tomorrow and the other side needs three days notice. And hey, how come I cant ever speak to the same person twice?
- What's the loan status? ANZ - two million telephone inquiries a year relating to the status of loan applications
11 What do you mean the title is still in the vendors name? I purchased this ppty 9 months ago - CBA
Friday, July 13, 2007
NECS - the benefits to all industry participants
Electronic / digital conveyancing, because of its nature,
• will provide industry participants with opportunities to organise their work and staffing needs more efficiently,
• to service a wider geographical distribution of transacting parties,
• to save time and expense preparing and correcting documentation, and
• to have greater confidence in the transaction process and in the other participants representing transacting parties.
These benefits will be greater the more an industry participant uses electronic conveyancing.
How will legal and conveyancing practices benefit?
Legal and conveyancing practices will benefit from opportunities to streamline their operations, saving staff time and expense through seamless integration with their case management systems. The information they already collect from their clients will be sent to the NECS and used to prepare the instruments required for the transaction.
• Paralegals and clerks will sign-on to the NECS through their in-house systems and ensure everything is in order for a legal practitioner or licensed conveyancer to certify and sign the instruments prior to the agreed time for settlement.
• Settlement will occur without having to obtain a bank cheque or send anyone to a pre-agreed location to exchange cheques and instruments.
• Lodgment will occur automatically after settlement without the need to instruct a lodging agent, and notification of lodgment will be received and recorded in in-house case management systems almost immediately.
• The conveyancing process will be completed much faster and with less effort.
It will be possible to handle many more transactions at the same time with no additional resources and to settle any number of matters on the same day.
How will financial institutions and other mortgage lenders benefit?
Financial institutions and other mortgage lenders will similarly benefit from opportunities to streamline their operations.
• The information many lenders already collect and have stored in their loan documentation systems will be automatically used through connections with NECS to populate workspaces and prepare instruments.
• Loans officers will sign-on to NECS through their in-house documentation systems and ensure everything is in order for a supervisor to certify and sign discharge of mortgage and/or new mortgage instruments prior to the agreed time for settlement.
• Settlement will occur without having to obtain a bank cheque or send anyone to a pre-agreed location to exchange cheques and instruments.
• Lodgment will occur automatically after settlement without the need to instruct a lodging agent, and notification of lodgment will be received and recorded in in-house documentation systems almost immediately.
• The process of documenting loans and lodging mortgages will be completed much faster with less effort and resources.
• The same number of staff will be able to handle a significantly greater number of loans and mortgages.
The full benefit of investments in in-house systems will be realised with straight-through processing to the Land Registry via NECS.
How will sole practitioners benefit?
Sole practitioners and small legal and conveyancer practices generally will benefit from the convenience and cost savings possible using NECS.
The practitioner will be able to complete all aspects of a conveyance without having to leave the office or having to use a courier or agent to deliver documents for client signing, to pick-up bank cheques, to attend settlement or to lodge instruments with the Land Registry.
They will be able to complete each conveyance and obtain these benefits using nothing more than an Internet browser. Alternatively, they can install and use one of a number of case management systems specially tailored by software development companies for legal and conveyancer practices.
How will the Land Registry benefit?
The Land Registry will benefit from lodgment of electronic instruments suitable for electronic examination and, ultimately, automatic registration. The electronic instruments will have been checked for consistency and completeness during preparation with opportunities for practitioners and lenders to make corrections on the spot. These checks and corrections during preparation will mean the Land Registry will not have to issue as many requisitions for additional or clarifying information during examination.
Source NSW NECS Update
• will provide industry participants with opportunities to organise their work and staffing needs more efficiently,
• to service a wider geographical distribution of transacting parties,
• to save time and expense preparing and correcting documentation, and
• to have greater confidence in the transaction process and in the other participants representing transacting parties.
These benefits will be greater the more an industry participant uses electronic conveyancing.
How will legal and conveyancing practices benefit?
Legal and conveyancing practices will benefit from opportunities to streamline their operations, saving staff time and expense through seamless integration with their case management systems. The information they already collect from their clients will be sent to the NECS and used to prepare the instruments required for the transaction.
• Paralegals and clerks will sign-on to the NECS through their in-house systems and ensure everything is in order for a legal practitioner or licensed conveyancer to certify and sign the instruments prior to the agreed time for settlement.
• Settlement will occur without having to obtain a bank cheque or send anyone to a pre-agreed location to exchange cheques and instruments.
• Lodgment will occur automatically after settlement without the need to instruct a lodging agent, and notification of lodgment will be received and recorded in in-house case management systems almost immediately.
• The conveyancing process will be completed much faster and with less effort.
It will be possible to handle many more transactions at the same time with no additional resources and to settle any number of matters on the same day.
How will financial institutions and other mortgage lenders benefit?
Financial institutions and other mortgage lenders will similarly benefit from opportunities to streamline their operations.
• The information many lenders already collect and have stored in their loan documentation systems will be automatically used through connections with NECS to populate workspaces and prepare instruments.
• Loans officers will sign-on to NECS through their in-house documentation systems and ensure everything is in order for a supervisor to certify and sign discharge of mortgage and/or new mortgage instruments prior to the agreed time for settlement.
• Settlement will occur without having to obtain a bank cheque or send anyone to a pre-agreed location to exchange cheques and instruments.
• Lodgment will occur automatically after settlement without the need to instruct a lodging agent, and notification of lodgment will be received and recorded in in-house documentation systems almost immediately.
• The process of documenting loans and lodging mortgages will be completed much faster with less effort and resources.
• The same number of staff will be able to handle a significantly greater number of loans and mortgages.
The full benefit of investments in in-house systems will be realised with straight-through processing to the Land Registry via NECS.
How will sole practitioners benefit?
Sole practitioners and small legal and conveyancer practices generally will benefit from the convenience and cost savings possible using NECS.
The practitioner will be able to complete all aspects of a conveyance without having to leave the office or having to use a courier or agent to deliver documents for client signing, to pick-up bank cheques, to attend settlement or to lodge instruments with the Land Registry.
They will be able to complete each conveyance and obtain these benefits using nothing more than an Internet browser. Alternatively, they can install and use one of a number of case management systems specially tailored by software development companies for legal and conveyancer practices.
How will the Land Registry benefit?
The Land Registry will benefit from lodgment of electronic instruments suitable for electronic examination and, ultimately, automatic registration. The electronic instruments will have been checked for consistency and completeness during preparation with opportunities for practitioners and lenders to make corrections on the spot. These checks and corrections during preparation will mean the Land Registry will not have to issue as many requisitions for additional or clarifying information during examination.
Source NSW NECS Update
Thursday, July 12, 2007
Hocking Stuart groups sold
Real estate group Hocking Stuart has been sold - to a group of its own real estate agents.
Greg Hocking and Andrew Stuart, who launched the business in 1985 from an office in Albert Park, today announced the sale to eight franchisees of Hocking Stuart offices around the state.
But neither would say how much they had sold their business for.
Mr Hocking said he was pleased to have sold out of the business.
"It has always been our goal to see Hocking Stuart pass into the hands of ... successors," he said.
The company, which last financial year said it had achieved sales in excess of $2.4 billion, has 42 offices across Victoria, 500 employees and around 11,000 properties under management.
It will now look nationally for a new chief executive officer.
Individual Hocking Stuart offices will remain owned by their directors.
Mr Hocking said he and Mr Stuart had been discussing "an exit strategy" for a number of years.
The company's name and branding would not change, Mr Hocking said, because the new owners were all already involved with the business.
"So from a grass roots level we know what to expect," he said.
Mr Hocking will now focus on a mortgage broking business he has been developing for the last 12 months, while Mr Stuart has retained an interest in Hocking Stuart's Albert Park office.
Source The Age
Clay Lucas
Greg Hocking and Andrew Stuart, who launched the business in 1985 from an office in Albert Park, today announced the sale to eight franchisees of Hocking Stuart offices around the state.
But neither would say how much they had sold their business for.
Mr Hocking said he was pleased to have sold out of the business.
"It has always been our goal to see Hocking Stuart pass into the hands of ... successors," he said.
The company, which last financial year said it had achieved sales in excess of $2.4 billion, has 42 offices across Victoria, 500 employees and around 11,000 properties under management.
It will now look nationally for a new chief executive officer.
Individual Hocking Stuart offices will remain owned by their directors.
Mr Hocking said he and Mr Stuart had been discussing "an exit strategy" for a number of years.
The company's name and branding would not change, Mr Hocking said, because the new owners were all already involved with the business.
"So from a grass roots level we know what to expect," he said.
Mr Hocking will now focus on a mortgage broking business he has been developing for the last 12 months, while Mr Stuart has retained an interest in Hocking Stuart's Albert Park office.
Source The Age
Clay Lucas
Monday, July 09, 2007
LIXI selected for the National Electronic Conveyancing System
The National Electronic Conveyancing Office (NECO) has announced an agreement with LIXI to create common data standards for the National Electronic Conveyancing System (NECS).
The NECS project is a co-operative initiative governed by a National Steering Committee (NSC) consisting of representatives of government land administrations, revenue commissioners, lawyers, conveyancers, bankers and the information brokers and law stationers.
Whilst this is a complex process involving different jurisdictional and industry policies and practices, Simon Libbis, executive director of NECO, says announcing data standards is a major milestone.
“LIXI’s facilitation of data standards for the national roll out of electronic conveyancing is crucial to the project’s progression. LIXI has demonstrated world class innovation and we are very excited to have their expertise available for electronic conveyancing” he said.
According to Socrates Vasiliadis, this agreement solidifies the importance of one standard for the industry.
“This announcement means LIXI is validated as the data standard for the industry and delivers value to our members. This project will change the way transfer of ownership of property is managed and will help the whole settlement process become more simplified” he said.
Property transactions in Australia account for 28% of GDP. The benefits that are expected to flow from the National Electronic Conveyancing System are:
* consumer and practitioner convenience
* user efficiency and consumer benefits
* straight-through processing from dealing preparation to registration
* single interface for national businesses
* common functionality for users in all jurisdictions
* easier cross-border transactions
* transparent application of jurisdiction rule differences.
Industry uptake in LIXI membership has increased since companies are now able to join without licensing IP. Members can therefore join yet hold off on purchasing IP until they’re ready to implement e-commerce facilities in the future.
Source lixi.org.au
The NECS project is a co-operative initiative governed by a National Steering Committee (NSC) consisting of representatives of government land administrations, revenue commissioners, lawyers, conveyancers, bankers and the information brokers and law stationers.
Whilst this is a complex process involving different jurisdictional and industry policies and practices, Simon Libbis, executive director of NECO, says announcing data standards is a major milestone.
“LIXI’s facilitation of data standards for the national roll out of electronic conveyancing is crucial to the project’s progression. LIXI has demonstrated world class innovation and we are very excited to have their expertise available for electronic conveyancing” he said.
According to Socrates Vasiliadis, this agreement solidifies the importance of one standard for the industry.
“This announcement means LIXI is validated as the data standard for the industry and delivers value to our members. This project will change the way transfer of ownership of property is managed and will help the whole settlement process become more simplified” he said.
Property transactions in Australia account for 28% of GDP. The benefits that are expected to flow from the National Electronic Conveyancing System are:
* consumer and practitioner convenience
* user efficiency and consumer benefits
* straight-through processing from dealing preparation to registration
* single interface for national businesses
* common functionality for users in all jurisdictions
* easier cross-border transactions
* transparent application of jurisdiction rule differences.
Industry uptake in LIXI membership has increased since companies are now able to join without licensing IP. Members can therefore join yet hold off on purchasing IP until they’re ready to implement e-commerce facilities in the future.
Source lixi.org.au
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