As more & more property settlements are being delivered electronically, we thought we should share the advantages you (the buyers & sellers) receive from this industry wide change.
A quick overview of PEXA electronic settlements
Over the next 18 months, the property law industry will be transitioning settlements to an electronic format. This is a massive change for the industry and provides a significant upside for buyers & sellers.
Greater certainty of settlements happening as scheduled
There’s no need to coordinate conveyancers, banks and settlement agents to all meet in one place at the same time. With all parties only having to acknowledge readiness in an online platform. As a result, the chances of delayed and cancelled settlements greatly reduce.
Peace of mind
The transfer of ownership can take 4-6 weeks when paperwork is submitted to the LRS (NSW Land Registry Services). Add to that the risk of paperwork getting misplaced, and you have a situation that can make people a little nervous.
An electronic process means the change of ownership occurs on the same day. No delays.
No more cheques
All transactions are electronic and therefore cleared immediately. Money is made available on the day of settlement.
No need for transfer documents
As part of ongoing improvements to the conveyancing process, there’s no need to sign paper transfers. Less paperwork!
PEXA have created SettleMe, which is available to buyers & sellers, to track their settlement. No need to sit & wait for the confirmation phone call.
Want to learn more?
Download PEXA’s guide for buyers & sellers here.
Who did the first PEXA electronic settlement in Newcastle NSW?
We did! Details here: