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ARTICLE · 06 JANUARY 2010

Regulation and compliance update: NECS - Is electronic conveyancing really coming?

Gadens Lawyers
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The National Electronic Conveyancing System (NECS) is a joint government and industry initiative to create an efficient and convenient way of completing property transactions.

AustraliaReal Estate and Construction
Jon Denovan
Jon Denovan

I have been a member of the National Project Team for several years now, representing on behalf of the MFAA non-bank lenders and smaller ADIs that don't have an extensive branch network. These lenders face different issues to lenders with large branch networks and significant in-house resources.

Customer identification verification (or CIV as it is called) is fundamental to the integrity of an electronic conveyancing system. People using the system will be certifying that they have followed prescribed procedures to identify the person dealing with the land. The protections of having a paper Certificate of Title and the signature on record will be lost, so CIV becomes much more important.

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