Glenferrie Conveyancing Pty Ltd may be able to settle your matter electronically using PEXA, and we share the cost of doing this with you (your additional cost would be $53.90, or $61.49 if there is more than one title involved). Electronic settlement is different from and better than manual or paper-based settlement as follows:
- You don’t sign a paper Transfer of Land document, you authorize Glenferrie Conveyancing Pty Ltd to digitally sign an electronic Transfer of Land document for you.
- All of the electronic documents involved in the settlement (i.e. the Transfer of Land, Discharge of Mortgage and Mortgage) are electronically verified for correctness by Land Victoria before settlement, this avoids the possibility of any of these dealings being refused at lodgement. The cost of lodgement of an electronic document at Land Victoria is a little less than that for the equivalent paper document - you will save $8.30 for a Mortgage or a Discharge of Mortgage, and if buying either $8.00 or $9.00 for the Transfer.
- There is no paper Certificate of Title at settlement. Instead, an electronic Certificate of Title is used in its place, and this cannot be lost or mislaid.
- Bank cheques costing up to $15.00 each are not required for settlement, all payments between the parties are made by EFT, and sellers should have access to their sale proceeds within an hour of settlement, rather than having to wait several days for their deposited cheque to clear.
- Settlement payments to authorities (e.g. Council, Water and Owners Corporation) are made by BPay (and not by cheque), and so buyers can be more confident that their new property does not have inherited debt.
- There is no settlement meeting requiring the same time and location personal attendance of all of the parties, the settlement is performed using an on-line workspace, and it proceeds automatically to completion as scheduled after all of the parties have given their on-line consent.
- Property Exchange Australia, the provider of the electronic settlement platform, offers an application called SettleMe. If you have registered as a SettleMe user, you’ll be automatically notified that your settlement has completed.
- Stamp duty and Land Victoria lodgement fees are paid as part of the electronic settlement, and the new ownership of the property is registered immediately with the electronic Certificate of Title being updated by Land Victoria. Purchasers who are buying without a mortgagee can elect to have the electronic Certificate of Title that was updated at settlement converted back to a paper Certificate of Title, which they can then hold, However, this is not recommended, as paper Certificates of Title can be lost and are expensive to replace.