What is electronic lodgment?
Electronic lodgment (e-lodgment) is a process in e-conveyancing. It is the use of an Electronic Lodgment Network (ELN) to lodge transactions with the Land Registry in Victoria. Land Registry transactions are all conveyancing transactions including transfer of land, mortgage and caveats as well as applications such as subdivisions, owners corporation and acquisitions.
The transition to e-conveyancing was instigated by Registrars of Title and the Council of Australian Governments (COAG) to simplify and digitise the complex process of property exchange through the national implementation of electronic lodgment and processing of transactions. In 2011 the governments of the six states and the Northern Territory entered into an Intergovernmental Agreement (IGA) which formed the regulatory framework for National Electronic Conveyancing in Australia. Each state and the NT adopted the Electronic Conveyancing National Law (ECNL). E-lodgment is supported by financial institutions and legal and conveyancing practices.
The major benefits of e-lodgment are:
- greater accuracy of data in the Victorian Online Titles System (VOTS)
- greater level of quality assurance than paper transactions
- quicker processing of transactions
Through the development of ELNs the property industry and public are realising further benefits such as:
- a workspace where multiple parties can settle
- a platform where applications can be lodged
- a platform that provides and instantaneously links to VOTS for data validations
- simplified document signing (by ELN users and not parties to transactions)
- removing the need for cheques
- no requirement to physically attend settlement
- removes delays and risks associated with manual lodgment
- provide electronic release of funds for settlements
- national consistency of transaction processing
Page last updated: 30/05/19