Bill for cheaper conveyancing for Queenslanders
MEMBER for Callide Jeff Seeney has welcomed the State Government’s moves to make conveyancing more affordable for Queenslanders.
Mr Seeney said legislation to join a national electronic conveyancing system was introduced into State Parliament recently.
“The Electronic Conveyancing National Law (Queensland) Bill 2012 will bring benefits to Queensland businesses and the public,” Mr Seeney said.
“This Bill will allow Queenslanders to benefit from participating in a national electronic conveyancing system, and will ensure they enjoy lower costs and more certainty that settlement will take place as scheduled.
“In some cases settlement delays can result in the forfeiture of deposits, but e-conveyancing avoids delays in settlement due to errors in documentation, saving time, inconvenience and additional costs of removal, storage and accommodation.
“The costs for solicitors and financial institutions to use the electronic lodgement network will be less than the cost of existing charges such as bank cheques and fees for couriers and settlement agents.” another state or territory. “The new e-conveyancing system involves an online hub’ which can be used throughout Australia to create land titling documents, such as mortgages, and digitally lodge them into the appropriate land registry in any state and the Northern Territory.”
Minister for Natural Resources and Mines, Andrew Cripps, said the system will also cater for the electronic financial settlement of conveyancing transactions and payment of associated state duties and lodgement fees.
“Queensland’s legislation mirrors that of New South Wales, which has been established as the host jurisdiction with other participating states and the Northern Territory adopting nationally consistent legislation,” he said.
“The proposed legislation does not change Queensland’s substantive land laws as the system relates only to the settlement and lodgement aspects of conveyancing.
“Use of the system will be completely voluntary and the paperbased process for conveyancing transactions will continue to be available.
“National e-conveyancing will be implemented gradually, commencing in Victoria in about April 2013 and is expected to be available in Queensland in late 2013.”