The Victorian government launched the world’s first electronic conveyancing (EC) system today.
According to Victoria’s Land Exchange, the new EC Release 2.0 will allow electronic financial property settlements to be made online – helping to reduce the cost of homeownership in Victoria.
Lodgements of land transfers, mortgages, discharges of mortgages and withdrawal of caveats will be possible through the system. The electronic payment of stamp duty to the State Revenue Office can also be facilitated.
The new system is built on existing EC functionality introduced in August 2006.