Verisign, an American company providing digital signing technology to Land Victoria's Electronic Conveyancing project has published a case study. There is not just the usual positive spin, but the case study makes some specific outlandish claims which are either just porky pies or I would be happy to personally challenge ECV / Verisign to a public demonstration to prove you cannot lodge a caveat electronically in 4 - 7 minutes.
The case study, page 4, verbatim says -
We’ve introduced electronic caveats — the process of issuing a financial lien on a property—the online processing of these is substantially faster than the legacy process; 4 to 7 minutes versus the time taken by an individual to travel to the office and wait in a queue to manually lodge the paper documents.”
My personal experience as a subscriber is that you cannot lodge an electronic caveat in any less than 20 minutes. Here's a link to the screen shots for an actual case study of lodging a caveat ECV style. Dont be put off by the 57 screen shots, because that is what it takes. The last time I lodged a caveat electronically, it took precisely 26 minutes. Whilst you are counting the screen shots, ask yourself why am I digitally signing this transaction no less than 3 times?
After lodging a few caveats electronically, our legal practice has reverted to the old fashioned of lodging paper caveats, which by our experience takes just 2-3 minutes. Print, check, sign, lodge by post.
The case study goes on to make other unsubstantiated claims, such as the potential cost savings of $235 to $395 per transaction. If caveats are any guide, which they are, and caveats are the simplest Land Registry transaction to perform, I am simply overwhelmed by the cost savings / time savings claim.
Brett Hayton
Hayton Kosky Lawyers
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