Required for most settlements from October 2018
Glenferrie Conveyancing Pty Ltd will settle your matter electronically using PEXA, and electronic settlement is mandatory for almost all Victorian settlements since 1 October 2018. Electronic settlement is different from manual (paper based) settlement as follows:
- All of the electronic documents involved in the settlement (i.e. Discharge of Mortgage, Transfer of Land, 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. Electronic lodgement at Land Use Victoria costs a little less than lodging the equivalent paper document – e.g. $8.70 less for a Discharge of Mortgage or a Mortgage, and either $8 or $9 less for a Transfer.
- A paper Certificate of Title is not provided 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 each are not used at settlement, all payments between the parties are made by EFT, and sellers 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 other than Land Tax (e.g. Council, Water and Owners Corporation) are typically made by BPay (and not by cheque).
- There is no settlement meeting requiring the 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 electronic Certificate of Title is updated immediately by Land Use Victoria to show the new ownership.