The Australian Registrars' National Electronic Conveyancing
Council (ARNECC) has been established to
coordinate the legal framework for National Electronic
Conveyancing. The centrepiece of this legal framework will be the
proposed Electronic Conveyancing National Law
(ECNL) which provides for the establishment of
Electronic Lodgement Networks (ELNs) by
independent operators. ELNs will provide an electronic gateway for
the preparation of instruments and the settlement and lodgement of
land transactions.
The ELN is not proposed to be an electronic method for handling
the whole of a land sale or mortgage transaction. For example, the
contracts for sale of land and loan agreements will still proceed
as they do today. Rather, the ELN provides an alternative to the
physical 'get together' to conduct land settlements. It is
hoped that this electronic system will produce cost savings and
increase efficiency. ELN will be a national land
settlements system.
