The proposed company would be owned initially by the governments of NSW, Victoria and Queensland. Its board will consist of representatives of each of the state governments, representatives of the legal profession, the major banks and non-lawyer conveyancers. An independent board member would be appointed to chair the new organisation.
If the talks succeed, it could help all state governments qualify for $550 million in commonwealth funding for undertaking 27 major reforms that have been endorsed by the Council of Australian Governments.
The national e-conveyancing system will work best only if all the states come on board, and it is integrated with the systems and standards used by the lending and conveyancing industries today."
The system is seen as a huge technology shift in conveyancing business practices and processes and to be cost-effective it has to meet industry requirements.
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