As of March 2018, all transfers of land and corresponding conveyancing settlements must be lodged electronically (via a service such as PEXA) where there is no lending institution involvement. An exception to this rule can apply in cases where the particular transaction has a certain deree of complexity accompanying it, such as those relating to survivorship applications, where a joint proprietor has died.
Electronic PEXA settlements offer many advantages over traditional paper-based settlements. Such advantages include instantaneous title registration and instantaneous funds transfer.
We are pleased to note Prompt Legal Services has performed PEXA settlements for quite some time and will happily assist you in navigating this new digital property-market environment. Please call our office for further information.
By Ian Cimino
Prompt Legal Services