Movement on the Queensland eConveyancing mandate
Movement on the Queensland eConveyancing mandate 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. History of eConveyancing 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. Benefits of eConveyancing Compared to manual, paper-based methods, eConveyancing delivers dramatic administrative efficiencies. Some of the main