http://www.abc.net.au/news/stories/2008/07/02/2292583.htm?section=justin
The federal and state governments have agreed to a new system to settle property transactions, which they say will save homebuyers hundreds of dollars.
Under the changes, all conveyancing transactions will be settled electronically.
The scheme will be given final approval when the Prime Minister meets state and territory leaders at tomorrow's Council of Australian Governments (COAG) meeting in Sydney.
Federal Finance Minister Lindsay Tanner says it is another step towards creating a seamless national economy.
"This replaces the end of the conveyancing process, the final stage of buying or selling a house where you have to get lawyers and bankers together, exchanging documents and cheques," he said.
"Then a lawyer has to go down to the titles office and hand over money. All of that stuff costs a lot of money and it's barely changed since the time of Charles Dickens."
The federal and state governments have agreed to a new system to settle property transactions, which they say will save homebuyers hundreds of dollars.
Under the changes, all conveyancing transactions will be settled electronically.
The scheme will be given final approval when the Prime Minister meets state and territory leaders at tomorrow's Council of Australian Governments (COAG) meeting in Sydney.
Federal Finance Minister Lindsay Tanner says it is another step towards creating a seamless national economy.
"This replaces the end of the conveyancing process, the final stage of buying or selling a house where you have to get lawyers and bankers together, exchanging documents and cheques," he said.
"Then a lawyer has to go down to the titles office and hand over money. All of that stuff costs a lot of money and it's barely changed since the time of Charles Dickens."
