Land Victoria is busy developing and implementing an online property system. When Electronic Conveyancing (EC) is fully implemented, the entire paper process, which has been in operation for over 140 years, will be performed online. How will it work? All information will be supplied electronically by interested parties, such as solicitors, conveyancers and financial institutions.
In what is like a big traffic light grid, information will be checked and, once the documents are in order, the lights will go green and the process will proceed. The system is being developed in conjunction with the State Revenue Office, legal, conveyancing and financial institutions to ensure that all land transfer notification requirements are met in one simple process.
What does this all mean for interested parties?
* An efficient and cost effective conveyancing process.
* No need for financial institutions to store certificate titles.
* No manual drawing or depositing of bank cheques.
* A transparent system accessible to subscribers any time, anywhere.
* No need for face to face settlement, saving time and money.
The website has a number of interesting documents as well as an instructive EC model that shows how the proposed system is to work.
Land Exchange website