Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland eConveyancing Update Permanent Committee on the Cadastre eConveyancing Project Team

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 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

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 3 eConveyancing and eRegistration e-Registration e-Lodgement eRegistration eConveyancing eLodgement

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 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

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 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)

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 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.

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 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 No uniform IT standard/usage – some good/very bad  Weakest link holds everybody back  Legislation is complex – outdated and requiring reform  Culture/tradition – conservative/delay accepted as part of process  Education/training – limited consumer understanding of process can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

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 8 LRC BearingPoint Report Diagram of Proposed Model

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 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

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 10 eConveyancing: Developments to Date

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 11 eConveyancing: Developments to Date

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 12 eConveyancing: Developments to Date

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 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.

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 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.

Confidential Not to be copied or distributed without express written consent of the Law Society of Ireland 15 Contact Details Liam Barrett eConveyancing Project Manager Eamonn Freyne Solicitor eConveyancing Project Close Sale