National Electronic Conveyancing System (NECS) is an Australian co-operative development between industry and government involved in conveyancing and mortgage financing and processing.
The system will provide a convenient electronic means for legal practitioners, conveyancers, banks and independent mortgage processors to:
- prepare dealings and related instruments to register changes in ownership and interests;
- settle financial transactions (including payment of duties, taxes and any disbursements);
- lodge their dealings with the appropriate Land Registry; and
- receive confirmation of dealing lodgment and registration.
- preparation and exchange of contracts for sale;
- pre-settlement investigations undertaken on behalf of purchasers;
- procurement of any insurances required by purchasers;
- creation of loan documentation by lenders;
- non-financial aspects of settlement; and
- processes for examining and registering instruments once lodged with a Land Registry.