Electronic conveyancing (eConveyancing) is a more efficient, accurate and secure way of conducting the settlement and lodgement stages of a conveyancing transaction.
It replaces many of the paper and manual processes traditionally involved in property transactions.
Practitioners and financial institutions lodge and settle conveyancing transactions in an electronic workspace provided by an Electronic Lodgement Network Operator (ELNO). This electronic platform enables parties to:
- collect transaction information and have it checked and verified for completeness and compliance
- prepare instruments and reports to register changes in property ownership and interests
- settle financial transactions, including payment of duties, taxes and disbursements
- comply with the tax and duty requirements of revenue offices
- lodge instruments with the Lands Titles Office and receive confirmation of their lodgement and registration.
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