On 5 July 2012, a COAG Consultation Regulation Impact Statement (RIS) was released on the proposed Electronic Conveyancing National Law that will facilitate the implementation of National Electronic Conveyancing. The Consultation RIS considers various options for the introduction of national laws to facilitate National Electronic Conveyancing. Currently, the majority of jurisdictions require that transactions with land (real property) occur via a paper based system, with paper documents required to be registered to confirm the transaction. Some electronic lodgment can occur but is not widespread or consistent between jurisdictions. The RIS considers a range of options including regulatory and self-regulatory options, to enable the transfer of property and other related transactions to occur electronically, and to establish a nationally consistent scheme. This COAG RIS for consultation was prepared by the Australian Registrars’ National Electronic Conveyancing Council and was assessed as adequate by the Office of Best Practice Regulation. The consultation period closes on 3 August 2012.
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