Paperless e-conveyancing is to be phased in by 2010 in England bringing with it the advantages of no time lag between completion and registration and a transparent chain of transactions. Buyers, sellers, their legal representatives, estate agents and lenders will be able to view the progress of every transaction. Documents will be submitted online with electronic signatures, while taxes and other costs will be effected by Electronic Funds Transfer (EFT). The results of a recent Chain Matrix Prototype were published recently, its main finding was that users need sufficient training.
The project is ambitious, and will require heavy IT investment, with smaller firms needing guidance, so that it is inefficient, rather than small firms which get pushed out of the conveyancing market. Whatever ones reservations, e-conveyancing is inevitable. Full article on Mondaq
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