Dr. Gabriel Brennan:

As members know, conveyancing is the process of buying and selling title to land. This old, traditional, cumbersome and paper-based process does not serve Ireland or its citizens well. It is costly, inefficient and in urgent need of reform. As the committee has heard, e-conveyancing is a secure, paperless, electronic, end-to-end, pre-sale to post-completion conveyancing process. It moves the procedures to electronic delivery via information exchange between key stakeholders, initially solicitors, lenders and the Land Registry. Later releases would include other stakeholders, for example local authorities and planning authorities.

When introduced, e-conveyancing can deliver a property transfer process that will be a world leader in efficiency, security and cost effectiveness. It has the capacity to streamline and modernise property transactions, delivering real and substantial benefits to a range of stakeholders including Government and consumers. Benefits to consumers can include reduced conveyancing transaction time, potentially of five working days; reduced costs due to a leaner and quicker system; reduced fraud due to built-in security checks with State agencies; and reduced errors and delays due to all stakeholders being on the one platform. It can also improve the transparency of the process with greater transaction traceability; reduce risk due to reduced gaps in the process and secure transfer of funds; meet the demand for electronic service delivery with speed and efficiency; and increase consumer confidence in the process with modernisation, simplification and standardisation.

These and other benefits are outlined in the briefing material the members received. My colleague and I would be happy to provide further detail on these aspects or other benefits during questioning. These benefits can be achieved without imposing any additional cost on the Exchequer as the Law Society has identified Teranet as a funding partner which will work in collaboration with all stakeholders. Teranet has a proven track record in the delivery of electronic property services and is willing to share its knowledge, expertise and intellectual capital.