NECS (the national Electronic Conveyancing System) has a pretty big task ahead of itself. The focus has shifted from a Victorian based electronic lodgment and financial settlement system to a national system. NECS has to bring together and align the interests of all land registries; financial institutions (FIs); lawyers and conveyancers; state revenue collectors; certificate brokers; local councils and water board; and even the Reserve Bank. No small outcome. However a national approach is essential.
Without a single national approach you would be duplicating the current 8 states’ and territories’ physical settlements with 16. This is OK for lawyers and conveyancers who only act locally but not for FIs. The FIs certainly support and would have been the prime advocates for the single national system.
A few singular observations:
1) If you are acting for a client, either a vendor or a purchaser, how do you know if the transaction will be paper or EC?
2) Why should we hand over consideration for title and an executed transfer & discharge of mortgage without knowing if the documentation will be registered or defeated by caveat, fraud or requisition?
3) Under EC the parties create an Electronic Lodgment File (ELF) to transfer the freehold interest from the Registered Proprietor to the Transferee. I presume the same ELF creates the mortgagee interest. What paper documentation supports the transaction?
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