The National Electronic Conveyancing System (NECS) will soon be live in Tasmania, which will create a safer, more secure and more efficient conveyancing process.
The Electronic lodgement network operator, Property Exchange Australia Ltd (PEXA), has now been approved to provide and operate the first electronic lodgement network in Tasmania.
This milestone will now bring Tasmania in line with other jurisdictions in Australia.
From August 2024, the first mortgage and discharge of mortgages transactions are planned to go live.
Then from February 2025, transactions supporting the sale of properties will begin.
Settlements currently require paper-based transactions and lodgements. This can cause significant inefficiencies and delays.
The NECS reform will enable these delays to be reduced and will provide a more convenient and secure way for legal practitioners, conveyancers, financial institutions, and mortgage processors to undertake a range of work.
This work includes preparing dealings to register changes in land ownership and interests, settling financial transactions, complying with State Revenue Office requirement, lodging dealings with the Land Registry and receiving confirmation of the lodgement of dealings.
Electronic conveyancing has proven to be an efficient and secure conveyancing process. This form of conveyancing has been developed over many years, with input from all Australian jurisdictions.
Introducing this system will improve the integrity of conveyancing processes and enable the Land Titles Office to drive continual business improvement by making changes that reflect progressive and ongoing developments across Australia.
For more information on the conveyancing reforms and processes, visit the reforms to conveyancing process webpage.