govts agree to cut conveyancing red tape
27 March 2008
The Standing Committee of Attorneys General (SCAG) has agreed to recommend the implementation of a nationwide electronic conveyancing system. The system will allow those in the property market to complete land title work online, cutting waiting time and reducing the red tape of eight different systems across the states and territories.
"State and territory attorneys-general also agreed to assist in developing model legislation to underpin a national system," federal Attorney-General Robert McClelland said. "We will now work to develop an appropriate corporate structure for moving a national electronic conveyancing system forward."
Final approval of the plan lies with the Council of Australian Governments (COAG). The attorneys-general also nudged closer to finalising plans for changes to personal property securities (PPS).
COAG has already offered in principle support for the changes which would radically overhaul the legislation that underpins the way borrowers can offer their personal property, other than real estate, as collateral.
There are 77 separate acts governing PPS, administered by about 30 separate agencies.
"We now have all jurisdictions agreeing on the fundamental elements for a national system, which has the potential to deliver real benefits to individuals and businesses," Mr McClelland said. "My attention will now turn to finalising the draft national legislation and releasing it publicly for comment."
The standing committee also agreed to come together again in July for a meeting with legal professionals to talk about further harmonisation of laws that differ from jurisdiction to jurisdiction.
"I would like to see fresh ideas bought to the table and governments engage fully and effectively with the legal profession and stakeholders," Mr McClelland told AAP through a spokesman. "This is essential if we want to make Australia the commercial hub of our region."
The meeting will be held in July, but further details were not immediately available.