The biggest revolution of the conveyancing system in Ireland since the creation of the State has begun with the start of the implementation phase of the Law Society’s eConveyancing project.
eConveyancing will make all interactions between solicitors, lenders and the Property Registration Authority (PRA) entirely electronic for the first time and will greatly reduce transaction times and costs while increasing security and transparency.
Home-buyers will see transaction times reduced to as little as five working days once the system is up and running.
eConveyancing will operate via a secure central hub that will see solicitors, lenders and the PRA share information in real time. Once the solicitors for both a buyer and a seller are ready to complete a transaction, the closing of the property will happen instantly. The current large time lag between completion and the registration of ownership will be removed and all funds will move via electronic funds transfer.
Law Society Director General Ken Murphy said, “We want to enable a person who agrees to buy a property on a Monday morning to be the registered owner by the following Friday. The costs of the conveyancing process should also reduce while opportunities for fraud or errors are virtually eliminated.”
Law Society of Ireland eConveyancing Briefing Paper
Leave a comment: