eConveyancing Update

1. eConveyancing Update Permanent Committee on the Cadastre 21-06-2013 eConveyancing Project Team

2. Agenda • eConveyancing and eRegistration • eConveyancing: Definition • Role of the Legal Profession • Problems with the Current Process • Law Reform Commission BearingPoint Report • Law Society eVision • eConveyancing: Developments to Date • Benefits of eConveyancing

3. eConveyancing and eRegistration eConveyancing e-Registration eRegistration e-Lodgement eLodgement

4. eConveyancing: Definition • Paperless (dematerialisation) • Validation of Authorised Parties • Viewing material online • All material transmitted through a central electronic Hub or workspace • Secure • Transparent • Land registration

5. Law Society Law Society formally welcomed the Law Reform Commission BearingPoint Report eConveyancing: Modelling of the Irish Conveyancing System and agreed that the Law Society ‘has a vital role to play in improving the conveyancing processes and educating its members in new processes and practices’ (page 119 BearingPoint Appendix)

6. Role of the Legal Profession Solicitors’ profession must be fully engaged with the process in order to play a key role in the delivery of eConveyancing services so as to provide a more efficient, value for money, transparent service to our clients and thus enhance the unique role of the solicitor in the process.

7. Problems with the current conveyancing process • Process is complex • Lacks transparency across process/groups • No universal standard documentation • Very paper based • Delays are inherent • Information spread over wide group and many locations • No uniform IT standard/usage – some good/very bad • Weakest link holds everybody back • Legislation is complex – outdated and requiring reform • Culture/tradition – conservative/delay accepted as part of process • Education/training – limited consumer understanding of process can cause delays - also within other stakeholder groups

8. LRC BearingPoint ReportDiagram of Proposed Model

9. eVision: Summary of Principles • Title by Registration • eConveyancing – not eRegistration • Buyer Beware to Vendor Disclosure • ePlanning Register • Personal Tax Regime • Electronic Loan/Mortgage • Real-Time Money Transfer • Electronic Workspace/Hub • Electronic Contract • Digital Signatures

10. eConveyancing: Developments to Date

11. eConveyancing: Developments to Date

12. eConveyancing: Developments to Date

13. Benefits of eConveyancing • Reduction/elimination of risks, costs & inefficiencies of manual, non-standard processes. • Reduction in duplication with intelligent forms and validation. • Secure and faster communication channels to stakeholders. • Enhanced productivity by enabling easier and faster access to important information. • Elimination of paper documentation (and deeds) and associated costs. • Reduced end-to-end conveyancing cycle times. • Rapid registration of mortgage as a first legal charge and backed by good title.

14. Benefits of eConveyancing • eHub Trust a/c and Disbursement Schedule reduces risk by ensuring strict allocation of funds – vendor’s mortgage, stamp duty, registration fees etc. • Fully transparent, auditable, verifiable controls & reporting. • Improved process analysis and data metrics to better evaluate effectiveness of regulatory compliance and risk mitigation. • Reduction in risk of fraud and errors. • Faster, transparent and more predictable conveyancing experience. • Improved collaboration between lenders and solicitors during the conveyancing process. • More efficient delivery of service to the consumer.

15. Close Sale Contact Details Liam Barrett eConveyancing Project Manager l.barrett@lawsociety.ie Eamonn Freyne Solicitor eConveyancing Project e.freyne@lawsociety.ie