Electronic Settlements – What are they?
The term electronic conveyancing also known as e-conveyancing, refers to a conveyancing transaction where practitioners have elected to settle electronically through the electronic platform provided by Property Exchange Australia Limited (PEXA).
So why use this system and what are some of the benefits?
- One of the main benefits is that all the documentation associated with a property transaction can be lodged, completed by the conveyancer as well as the clients and then settled electronically thus making it more convenient.
- It minimises the amount of paperwork and manual processing by conveyancers, lawyers and solicitors as well as the clients so it saves time for everyone involved.
- The risks of delays and errors are minimised and this system promotes ‘on-time’ settlements.
- Vendors will have access to their sale proceeds within a matter of 30 minutes instead of waiting for bank cheques to clear.
If you have any further questions then feel free to give us a call 02 4910 0522 or visit pexa.com.au