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Electronic land settlements – an update

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. More…