About EC

Electronic Conveyancing

Electronic Conveyancing (EC) is a world-first online settlement and lodgement system developed by the Victorian Government in collaboration with the conveyancing industry. EC eliminates the need for paper-based settlements, drawing cheques and meeting to exchange documents on settlement day.

In the EC system, vendors and purchasers engage registered Subscribers to act on their behalf. The Subscriber uses the online EC system on behalf of their clients to settle land transactions - including the payment of duty to the relevant state tax or revenue office - and lodge documents electronically from their personal computers.

The current EC Release 6.1 was launched on 25 February 2012.  See the System Updates page for a full list of the new features.

Benefits of using EC

Buyers and sellers of property can reduce the cost of their transaction by using EC.

• Estimated savings of $235-$395 per typical four party settlement
• Estimated $70M p/a in annual industry and community savings by 2012
• Lower statutory fees than those charged under the paper system
• Improved housing affordability
• Removal of physical settlement and manual lodgement processes
• Substitution of bank cheques with multi-lateral electronic funds transfers
• Elimination of most paper documents and associated red tape
• Greater certainty - reduced incidence of delayed and failed property settlements and lost or incorrect documentation
  
  

EC is designed to be as safe as the existing paper-based conveyancing and lodgement system, which will continue to operate alongside Electronic Conveyancing for those who wish to continue to transact in paper.

Who can Subscribe?

• Conveyancers
• Financial Institutions
• Government Bodies
• Solicitors
• Individuals - provided they meet the minimum requirements. See Fact Sheet - Becoming a Subscriber.
  
  

Instruments that can be processed using EC

• Discharge of Mortgage
• Mortgage
• Transfer alone
• Withdrawal of Caveat
• Various combinations of the above (eg: D-T-M)
• Caveat (must be stand-alone)
  
• Application by Surviving Proprietor (must be stand-alone)
• Add Land Tax Charge
• Discharge of Land Tax Charge
  

The EC system allows electronic financial property settlement, the lodgement of the above Instruments into Land Victoria and where applicable, the electronic payment of duty to the relevant state tax or revenue office.

What does EC provide to Subscribers?

• A safe, secure and auditable mechanism for settlement funds transfer
• Pre-settlement validation of the Registrar's instruments
• Settlement and lodgement in one continuous process
  
  

Need more information about EC?

• See the EC Fact Sheets.
• View an EC system demonstration.
• To become an EC Subscriber see How to register.