eConveyancing to improve transaction time and reduce risks
Work is continuing on the development of a fully electronic conveyancing system, which is being led by the Law Society of Ireland. Endorsed by Government in the Construction 2020 strategy, the project is on track towards implementation.
The Society is continuing to engage with the other stakeholders, including the banks and the Property Registration Authority. The eConveyancing project is also currently the subject of a study by an interdepartmental group, comprised of officials from the Department of Justice, Department of Finance and other bodies.
The Society looks forward to the outcomes from this study and in the meantime, work continues on the scoping of an eConveyancing system.
eConveyancing will operate via a secure central electronic hub that will see solicitors, lenders and the PRA share information in real time. Once the solicitors for both a buyer and a seller are ready to complete a transaction, the closing of the transaction will happen instantly. The current time lag between the completion of the transaction and the registration of ownership will be reduced and all funds will be moved via electronic funds transfer.
Conveyancing will remain a complex process requiring skilled and careful handling by a solicitor. However, bringing it online and into a secure digital hub will dramatically improve transaction time as well as reducing risk of fraud or errors.
