Queensland has launched a new service allowing property transactions to be completed online.
The first phase of the electronic conveyancing system is now live in the state, which is the third to adopt the system after Victoria and New South Wales, with the first dealings having occurred on December 11th.
Property Exchange Australia allows mortgage dealings and releases to be processed via the internet, reducing the amount of paper documents and required in a bid to save valuable time and resources.
“The release of stage one is a significant milestone and sets the foundations for the next phase of e-conveyancing, which will accommodate a broader range of property and title transactions,” said Queensland’s minister for natural resources and mines Andrew Cripps.
He explained that most mortgages submitted online would be registered in a matter of minutes, while at present they can take one or two working days.
Stage two of the transition to e-conveyancing is set to go live in 2015, allowing lawyers who are conducting property transfers for their clients to use the same system.
Posted by Steve Douglas