In March 2022, The Queensland Department of Resources announced a six week consultation period on the proposed regulation to mandate electronic conveyancing in the state by early 2023.
The proposed transition will see all property conveyancing matters completed via an Electronic Lodgment Network Operator (ELNO). It is the next step to delivering a consistent and aligned experience for all the parties involved in property transactions.
The prospect of electronic conveyancing first came into play in Australia in 2005, when a National Electronic Conveyancing System Committee (NECS) was established. In 2011, Australia’s first ELNO was formed, allowing the electronic lodgement of mortgages, discharges and caveats. This paved the way for eConveyancing to be introduced in Queensland in 2013; a move which has been slowly but surely embraced. According to the Department of Resources, it is claimed that over 70% of Queensland property transactions are currently undertaken through an ELNO. If implemented, this mandate will bring Queensland in line with other states, such as New South Wales, Victoria, South Australia, and Western Australia where electronic conveyancing is mandated.
Compared to manual, paper-based methods, eConveyancing delivers dramatic administrative efficiencies. Some of the main benefits of eConveyancing include:
eConveyancing also benefits the end-client, as costs associated with manual processing such as hired settlement venues, bank cheque purchases and courier fees are reduced or completely void.
If your firm still handles manual lodgments, SettleIT, are equipped to manage this transition for you. SettleIT’s support services include:
From your end, the process is as simple as:
Overall, Queensland is well-positioned to make the official transition to eConveyancing. Such advancements in the industry benefit all parties to ensure simplicity and uniformity. If your firm needs support through this transition, SettleIT can manage the full e-settlement and e-lodgment process. Book a complimentary demonstration with our team today to find out how we can help you.
