1. E-CONVEYANCING SANS FRONTIERES THE DEVELOPMENT OF AN ELECTRONIC CONVEYANCING SYSTEM FOR AUSTRALIA A Presentation for the Registering the World Conference Dublin 26 – 28 September 2007 by Simon Libbis Executive Director

2. A BIT OF BACKGROUND Australian Federal System Torrens Titling State Revenues from Land Transactions The Settlement Process From Paper to Digital

3. THE NEED FOR A SYSTEM WITHOUT BORDERS State based land administration National regulation of major players Commonwealth digital signature standards National operations by trading banks Commonwealth identification protocols Existing central bank settlement systems Economies of scale

4. WHAT IS NECS? Australia’s joint government and industry initiative to create an efficient and convenient way of completing property transactions and lodging land title dealings for registration

5. NECSNECS Settlement Financial Institutions FSM RBA Enabled Subscriber Preparation Subscriber LSP Browser Interfaces NECS Browser Interface Client Enabled Subscriber NECS Web Services LSP Web Services User Client LSP Compliance & Lodgment RO 2 RO 1 LR 2 LR 1 WHAT IT WILL LOOK LIKE

6. STATE PROJECT TEAMS NATIONAL CONSULTATION FORUMS NATIONAL STEERING COMMITTEE Independent Chair NSW Rep VIC Rep QLD Rep SA Rep WA Rep TAS Rep Broker/ Law Agent Rep ACT Rep NT Rep LCA Reps (2) ABA Reps (2) NATIONAL OFFICE Directed by National Steering Committee Informed by State Project Teams & National Consultation Forums User ID Accreditation & Training System Access & Usage Lodgement Process & Security Settlement Process & Payments NSWVIC QLDSAWATASACTNT AIC Rep SRO Reps (2) HOW WE RUN THE SHOW NOW

7. THE GRAND PLAN Setting-Up -governance -model confirmation -commercial viability -detailed planning Building the NECS - specifying - provisioning - testing - commissioning Readying Jurisdictions - legislation, policy, system and practice changes Engaging & Converting Users - communication, education, training and support 12 Mths 24 Mths36 Mths48 Mths

8. MAKING SURE IT PAYS FOR ITSELF 1.Define market size & take-up rate 2.Estimate start-up & systems build cost 3.Develop business cost structure 4.Construct pro forma profit & loss, balance sheet and cash flow statement 5.Set success criteria & tweak fee levels 6.Test sensitivities

9. THINGS THAT COULD GET IN THE WAY Implementation delay Reduced market size Delayed take-up Increased costs Errors and fraud

10. WANT TO KNOW MORE? Contact Simon Libbis - Executive Director, National Electronic Conveyancing Office at: Tel: +61 3 8626 4545 Email: simon.libbis@necs.gov.au Web: www.necs.gov.au