ANZ has lauded the NSW government on new legislation that will provide greater choice for consumers involved in property settlements.
The Electronic Conveyancing (Adoption of National Law) Amendment Bill 2022 will require greater cooperation among electronic conveyancing operators to provide interoperability, enabling buyers and sellers to use different e-conveyancers on the same transaction.
It is currently only possible for customers to use one provider for a transaction because the different platforms cannot talk to each other, or interoperate.
“We congratulate the NSW Government for this development, which is a significant step towards simplifying the process of buying or selling a property,” said John Campbell, ANZ head of home loans. “ANZ looks forward to working with all parties in this process as we aim for further improvements in electronic conveyancing that will ultimately help our customers and the industry.”
The parties typically involved in property settlements are the buyer, the seller, and/or their conveyancers, and lawyers working together on a transaction. Enabling these parties to use their electronic conveyancer platform of choice will accelerate the process while retaining appropriate security oversight.
