Glenferrie Conveyancing Pty Ltd can settle your matter electronically using PEXA. Electronic settlement is different from manual (paper based) settlement as follows:
- 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 Use Victoria before settlement, this avoids the possibility of any of these dealings being refused at lodgement. The lodgement cost for an electronic document at Land Use Victoria is a little less than that for the equivalent paper document - $8.50 less for a Mortgage or a Discharge of Mortgage, and either $8.00 or $9.00 less for a 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 at 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).
- 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 Use 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 Use Victoria.