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LAND TRANSACTIONS ON-LINE THE NATIONAL SOLUTION

LAND TRANSACTIONS ON-LINE THE NATIONAL SOLUTION. A Presentation to the Standing Committee of Attorneys-General in Fremantle on 9 th November 2006 by Simon Libbis Executive Director. THE NEED FOR A BETTER WAY. Title Records Electronic Financial Information Electronic

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LAND TRANSACTIONS ON-LINE THE NATIONAL SOLUTION

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  1. LAND TRANSACTIONS ON-LINE THE NATIONAL SOLUTION A Presentation to the Standing Committee of Attorneys-General in Fremantle on 9th November 2006 by Simon Libbis Executive Director

  2. THE NEED FOR A BETTER WAY Title Records Electronic Financial Information Electronic Conveyancing Processes Use Paper

  3. THE NEED FOR A NATIONAL APPROACH State based land administration National regulation of major players Commonwealth digital signature standards National operations by trading banks Commonwealth identification protocols Existing central bank settlement systems Economies of scale

  4. NATIONAL ELECTRONIC CONVEYANCING SYSTEM Australia’s joint government and industry initiative to create an efficient and convenient way of completing property transactions and lodging land title dealings for registration

  5. NATIONAL STEERING COMMITTEE Independent Chair ACTRep NT Rep NSW Rep VIC Rep QLD Rep SA Rep WA Rep TAS Rep ABA Reps (2) LCA Reps (2) AIC Rep SRO Reps (2) Broker/ Law Agent Rep NATIONAL OFFICE Directed by National Steering Committee Informed by State Project Teams & National ConsultationForums STATE PROJECT TEAMS NATIONAL CONSULTATION FORUMS ACT NT NSW VIC QLD SA WA TAS System Access & Usage Lodgement Process & Security User ID Accreditation & Training Settlement Process & Payments GOVERNANCE ARRANGEMENTS

  6. Settlement FinancialInstitutions Enabled Subscriber N E C S FSM RBA Preparation Client Subscriber NECS Browser Interface LSP Browser Interfaces NECS Web Services LSP LSP Web Services NECS Web Services Client Enabled Subscriber Compliance & Lodgment User RO1 User LR1 RO2 LR2 User User NATIONAL BUSINESS MODEL

  7. NATIONAL BENEFITS Single electronic interface for conveyancing in all States and Territories Reduces the costs of property transactions Provides a platform to simplify / harmonise state and territory property law relating to land registration

  8. PROGRESS TO DATE AND NEXT STEPS Task 1: Interim governance arrangements - DONE Task 2: CONSULTATION: NOW to November 2006 Task 3: Thorough risk assessment: In progress Task 4: Independent regulatory review: In progress Task 5: Operational governance arrangements: In progress Task 6: Preliminary evaluation of Victorian system: In progress Task 7: Confirmation of NBM: November 2006 Task 8: Funding model: 2006-early 2007 Task 9: Detailed implementation planning: 2006- early 2007

  9. THANK YOU For more information on this presentation or any aspect of National Electronic Conveyancing, please contact Simon Libbis - Executive Director, National Electronic Conveyancing Office at: Tel: 03 8626 4545 Email: simon.libbis@necs.gov.au Web: www.necs.gov.au

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