Electronic Conveyancing update
The settlement process in Western Australia is undergoing major changes. There has been talk of settlements moving to the electronic world for about 10 years now. After an immense amount of work and implementing, many settlements are now being completed electronically, via the PEXA (Property Exchange Australia) Electronic network.
Landgate have announced that the date for when settlement lodgments will become mandatory to be completed electronically, is 1st December, 2017. There are some exemptions, however Conveyancing practitioners will need to become subscribers of the PEXA network.
Northcourt Settlements are proud to be moving with the times and are already registered subscribers of PEXA and have been able to complete settlements electronically for their clients, for some time now.
Some of the benefits of settling electronically are that Sellers will normally receive their sale proceeds as cleared funds in their account within a few hours of settlement being completed, and Buyers have their name registered on the title for the property, within minutes.
It’s an exciting time in the world of Conveyancing!!