Electronic Conveyancing is possibly the most exciting innovation to the settlement industry since the introduction of the Torrens Title system in WA.
Here at Payne Conveyancing we are proud to have successfully executed more than 20 online dealings through the PEXA Electronic Conveyancing forum.
E-Conveyancing will be mandatory for all conveyancing transactions from the 1st May 2018 but for now it is elective provided that the transaction is within scope.
The benefits of E-Conveyancing are abundant;
Sellers;
o You will receive the proceeds from your sale within 20 minutes of settlement* as cleared funds (as opposed to waiting 3 days for bank cheques to clear)
o You will no longer have to pay Bank cheque fees
o No more Settlement attendance fees by your bank
Buyers;
o Your name and interest will be immediately registered on the Title Deed
o Increased security; Electronic Conveyancing performs check searches every 15 minutes which will immediately notify your settlement agent if there is anything lodged against the Title which they need to be aware of during the process.
*Please note that this may vary between banks as they all currently have different policies on releasing funds following settlement. In our experience all sellers have received their cleared funds on the day of settlement but we have been advised that in some instances this may not be the case.
As at the time of writing the current cost to the client of completing a transaction on the PEXA platform is $110.55.
If you would like any more information on PEXA, E-Conveyancing or paper settlements please do not hesitate to contact our office on (08) 9257 2181
