The Law Society of Ireland says that the development of a fully electronic conveyancing system will dramatically reduce the total transaction time for buying a house.
Welcoming the Government’s commitment to assessing the steps required to deliver an eConveyancing system in the Construction 2020 Strategy launched this week, Law Society Director General Ken Murphy said home-buyers will reap the rewards of a transformed system.
“The current paper-based process is creaking at the seams and cannot deal with the demands of the modern property market - the average transaction time is 22 weeks. The eConveyancing model we have been working towards could reduce that where the buyer has the funds available.”
“The Government Strategy acknowledges the work already completed on eConveyancing under the aegis of the Law Society. The Society has been an enthusiastic supporter of eConveyancing since it was first proposed by the Law Reform Commission in 2006. It has devoted huge resources to redesigning and re-engineering the processes used, in co-operation with the Property Registration Authority, the banks and other players. It has won the acceptance of the solicitors’ profession to these new concepts. It has identified a technology partner who is prepared to finance the roll-out of this major infrastructure project at no cost to the taxpayer.”
“With Government endorsement of this exciting initiative now in place, all that is needed to start development is the agreement of the banks to participate. This has not been secured to date, but hopefully the statement of intent from Government will enable rapid progress.”
*For your information: eConveyancing: Back to Basics – Vision of an electronic system of conveyancing (eVision)
Updated 23 July 2015