Banks received the expected clearance to buy into National Electronic Conveyancing Development Limited this week. Alan Cameron, chair of NECDL, confirmed the decision yesterday.The major banks will hold a stake of around 15 per cent. They will join four state governments in ownership of the entity charged with developing a unified system for handling property title transfers.The four banks will be able to nominate one director, two if their shareholding rises above 20 per cent.The national e-conveyancing system will be based, in part, on the intellectual property underpinning Victoria's existing electronic conveyancing system. Accenture will lead the design and development work.If a timetable publicised in August is followed, then rollout of the new system (dubbed Pexa - for Property Exchange Australia) will start late next year, with the first property transactions tipped to take place from 2013. However, actual use of the system remains dependent on the passage of enabling legislation in the nation's States and Territories.