Inter-Governmental Agreement for an Electronic Conveyancing National Law: What You Need To Know
The inter-governmental agreement for an electronic conveyancing national law (IGA) is a significant development in the Australian property conveyancing industry. This agreement has been implemented to streamline the property conveyancing process across Australia by creating a digital platform for land registration and settlement.
The IGA was signed by the federal government and all Australian states and territories in 2010. It was designed to create a national approach to electronic conveyancing and ultimately replace the traditional paper-based process. The main objective of the IGA is to reduce the time, cost, and complexity of property transactions for both the government and citizens.
The electronic conveyancing national law introduced under the IGA creates an online system that allows for a seamless property transfer process. This digital platform allows for the lodgment of documents and forms electronically, and it can also facilitate the transfer of funds between parties to the transaction.
The Benefits of the IGA for the Property Conveyancing Industry
One of the significant benefits of the IGA is the reduction in the time it takes to complete a property transaction. With the traditional paper-based process, it could take up to two weeks to complete a transaction. However, with the introduction of the electronic conveyancing national law, the process can be completed within a few days.
Another benefit of this agreement is the reduction in costs. A digital platform eliminates the need for paper-based documentation, which lowers the costs of printing and posting documents. Additionally, there is no need for physical settlement rooms, reducing the overhead costs of property conveyancing.
The IGA also provides greater transparency and security for property transactions. The electronic platform is secure and provides real-time updates during the property conveyancing process. This eliminates the need for phone calls and emails back and forth and provides a more efficient and transparent process.
Conclusion
The inter-governmental agreement for an electronic conveyancing national law is a significant development for the Australian property conveyancing industry. It enables the creation of a digital platform that streamlines property transactions and reduces costs, time, and complexity. This digital platform also provides greater transparency and security, ensuring a smoother and more efficient property conveyancing process for both government and citizens.