Acting Treasurer Rachel Nolan said the appointment of Accenture by National E-Conveyancing Development Limited (NECDL) was an important step forward in cutting red tape and simplifying property settlement.
“NECDL is the company responsible for developing a national electronic system for property exchange, and is majority-owned and funded by the Queensland, Victoria, New South Wales and Western Australian governments,” Ms Nolan said.
“NECDL has also secured funding from the big four banks, who will become minority shareholders in the company.”
Ms Nolan said national e-conveyancing is a key project in the Council of Australian Governments’ agenda to create a seamless national economy.
“It will reduce the need for conveyancers, solicitors and bank staff to meet in one place to complete a property settlement,” she said.
“It will also help streamline the property settlement process, and cut the regulatory and administrative burden for government, business and communities.
“Home buyers also stand to benefit from reduced time and money spent on property coveyancing, and those in the industry will enjoy process efficiencies.
“The system will also deliver increased and enhanced client identity verification and checking processes – welcome improvements in light of a spike in real estate scams.
“The new system will be a big win for anyone who has ever experienced the complexities associated with property transactions.”
National e-conveyancing will commence in 2012 as NECDL will be working closely with key stakeholders in the coming months to determine their needs.