Electronic Registrations
The estimated national economic benefit of each electronically registered mortgage bond is over ISK 7,000, and over ISK 3,000 for each cancellation, as the process is an electronic transaction instead of a paper one.
Statistics of Electronic Registrations
Objectives and Benefits
The goal of electronic registrations is to provide companies with fast and automated registration of rights in the land registry when dealing with the financing and transactions of their customers' real estate and vehicles.
Faster processing and shorter wait times: The solution allows registrations to be processed in a few seconds, compared to the days or weeks it previously took on paper.
Reduced travel: There is no longer a need to manually transport paper for registration, and by using electronic signatures, the need for in-person transactions is greatly reduced. The wait time for processing by district commissioners is also eliminated.
More efficient and transparent processes: By integrating the rules and workflows of district commissioners into the business logic of the solution, they become more efficient and transparent for users such as lenders, real estate agents, and other stakeholders. Error-checking allows for pre-verification of registrations and resolution of issues that might otherwise arise during the registration process. Once the registration is completed, all parties receive confirmation in their digital mailbox on Ísland.is.
National Economic Benefit: At the start of the project, the national economic benefit of electronic registrations was assessed. When factoring in the manual labor of district commissioners, lenders, and real estate agents that becomes unnecessary with the solution, the estimated benefit is between ISK 1,2–1,7 billion per year. Additionally, there is the benefit of eliminating the need to transport paper documents between parties and increasing transaction speed for lenders and real estate agents.
Service provider
District Commissioners