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electronic settlement is now compulsory in Victoria for all settlements apart from a few relatively rare exceptions.
What are the savings with electronic settlement, compared to a manual or paper-based settlement?
Land Victoria fees:
- The registration of your transfer will be $10.00 cheaper.
- The registration of your mortgage will be $9.80 cheaper.
- A Register Search that costs $7.80 and confirms that your Transfer has been registered by your lending Bank and you have become the legal owner of the property, is not required.
Bank cheque fees:
- All payments in an electronic settlement are made by EFT or BPay at no cost. Bank cheques that cost $10.00 to $15.00 each are not required.
Apart from these savings, the best attribute of electronic settlement is that it is more reliable than manual settlement. Once an electronic settlement is made ready by all of the parties, it is extremely unlikely that it will not proceed to completion. With a manual or paper-based settlement, however, if just one of the documents or cheques are incorrect or missing the settlement may fail and have to be re-scheduled, which is costly and frustrating.
Contact Glenferrie Conveyancing Melbourne on (03) 9815 2351 for more information.
Andrew Rothfield
Andrew Rothfield is a licensed conveyancer from Glenferrie Conveyancing. The company holds the prescribed professional indemnity insurance, maintains a general trust account, and is a leading subscriber to the PEXA electronic settlement system.
