What is E- Conveyancing?
Electronic Conveyancing will soon replace traditional paper settlements in Victoria. The system eliminates the need for a physical settlement with bank cheques and documentation, and the lodgement of paper instruments with Land Victoria. It is effectively a virtual settlement room that stores the data required for lodgement of dealings at Land Victoria and the transfer of funds upon settlement. At a nominated date and time, the funds are transferred and data lodged. (Source: Law Institute of Victoria) What are the benefits of e-Conveyancing? Buying and selling property starts online – with website searches, mortgage calculators and other online tools. However, until recently, the conveyancing process was mostly completed offline. Paperwork and postage increased the risk of errors and delays. Greater certainty Manual processing is prone to error...why take the risk? PEXA's online document checks bring you greater certainty of successful, on-time settlement. Get your money fast Why wait days for cheques to clear? With online settlement through PEXA, your sale proceeds will be processed as cleared funds to your nominated accounts. Easier for you PEXA makes the experience of settling easier for you. With PEXA, there is no longer any need to physically obtain and sign a paper transfer document. Buying just got a whole lot easier... On-time settlement PEXA's automatic online document checks give you greater certainty that your settlement will occur as scheduled, allowing you to take ownership of your new property. Peace of mind In the manual world, documents registering your ownership are typically not lodged until days or sometimes weeks after settlement. With PEXA, this happens instantly giving you peace of mind. No more bank cheques PEXA eliminates the need for bank cheques, saving you time and money Stay informed with SettleMe. SettleMe is a free app powered by PEXA that keeps you informed throughout your settlement process. It’s available exclusively to buyers and sellers represented by PEXA-registered lawyers and conveyancers – US!. SettleMe helps you stay organised with a customised checklist. It also sends instant alerts via SMS or email about the status of your settlement. (Source: PEXA Australia)
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AuthorInna Segal of www.retconveyancing.com.au Archives
October 2019
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