Background
There are two initiatives progressing simultaneously:
- NECS – National Electronic Conveyancing System; and
- EC – the Victorian Electronic Conveyancing Project.
NECS is very much in the consultation phase. It is likely to adopt some, but not all, of the Victorian model.
Even though NECS is in the planning stage, there is potential for procedures to be adopted which unintentionally prejudice certain business models. Accordingly, it is important that there is ongoing monitoring of developments to avoid those biases.
Most of the following comments relate to the Victorian proposals as they are further progressed.
Timetable
In Stage 1, financial institutions transact discharges and mortgages (ie, essentially refinance transactions). Testing of this stage has already commenced.
