Victoria’s electronic conveyancing system is to be dropped in favour of a single national network. The decision to eliminate the $50m system known as the Electronic Conveyancing Victoria (ECV) forms part of a number of arrangements intended to reduce the cost of buying a home by between $120 and $130.
The new national system is expected to begin operating late 2012 and aims to achieve annual efficiency gains of $240m to be shared between consumers and the conveyancing industry.
NECDL, a company supported by most states and the big banks, will own the new national network and has acquired the intellectual property behind the ECV system.
If you have any queries regarding your property matter, please see our Property page