The Law Society of Ireland has called for an overhaul of the way property deals are conducted. Its report eConveyancing: Back to Basic Principles wants the entire conveyancing process to be reformed with a view to implementing electronic conveyancing, which could reduce the transfer process to five days. In what is a radical stance, the Law Society points out that the conveyancing process has been used by the State to collect tax and enforce statutes and many of the enquiries which bog down residential conveyancing have little to do with ownership, transfer of land and security of title.
These processes should be pared back, and the entire process should be re-engineered to suit the electronic and online environment. What will this mean in practice?
- The vendor carries the risk of defects in title.
- An electronic searchable Planning Register.
- All taxes be paid on self assessment.
- Loan approvals be done electronically.
- All stakeholders to communicate through an internet hub.