Here are the 5 ways electronic settlements have changed Property Law.
What is an electronic settlement?Settlement is the final stage in the conveyancing transaction. Prior to the introduction of electronic settlement, this involved the physical exchange of documents and cheques between the buyer and seller, usually completed by a representative of each. While this is still the process, the introduction of electronic settlements (eSettlements), around 12 months ago, has meant that all of this now takes place in an online workspace. Both parties join the workspace, upload their documents, electronically sign and exchange. Besides the obvious efficiencies, eSettlement is being used increasingly across the country as the government starts to mandate its use. Victoria has already been mandated with New South Wales and Queensland expected to follow. Here are the 5 ways electronic settlements have changed Property Law.
- PEXA isn’t the only player
- eSettlements are here to take part, not take over
- Safer than manual settlements
- eSettlements make your business efficient
- You can stagger your e-transition