Lands Minister Rita Saffioti has welcomed the decision, which will provide the industry - including settlement agents and lawyers - with more time to prepare for the transition to electronic conveyancing
Another statute, the Land Registration Act 2002 which repeals the Land Registration Act 1925 deals specifically with electronic conveyancing
. Through Chapter 8 of the Act, it deems the electronic document to be in writing so long as the parties ensure that the electronic document states the time and date when it takes effect, contains the electronic signature of both parties and each electronic signature is certified.
An example of the application of the second tier approach is electronic conveyancing
Founding partner Ian Williamson said: "We have restructured our conveyancing division to facilitate growth and develop our expertise so that we can give homebuyers and sellers the level of support they need, especially with the advent of home information packs and the switch to an electronic conveyancing
system in the not too distant future."
The Land Registry said last week the first electronic conveyancing
pilots would begin in October 2007.
As electronic conveyancing
is being introduced by the Government are you keeping pace and using the available computerised systems wherever necessary to speed up the transactions and are you finding the systems useful?Yes.
There are proposals in electronic conveyancing
for transfer of funds to become instantaneous, but these are not yet up and running
A LEADING law firm in the Midlands has highlighted that changes to Land Registry law and practice are laying the foundations for the development of electronic conveyancing
Lands Minister Terry Redman said with the expansion of the State's electronic conveyancing
system now completed, settlement agents, legal practitioners and financial institutions can arrange settlements, pay transfer duty, financial settlements, and prepare and lodge land documents via Property Exchange Australia Ltd.
FAF International has the scale, experience and systems needed to address the change towards electronic conveyancing
in Australia, as well as the backing of a parent which counts mortgage processing among its core competencies, he added.
Constitutional Affairs Minister Baroness Ashton of Upholland said in a written statement to the Lords that electronic conveyancing
could be made compulsory in England and Wales by 2009 or 2010.
"It will look at the Government's policy issues and consider the technical developments in electronic conveyancing
, looking in particular at what the profession needs to do to adapt to 21st Century convey- ancing."