Historically settlement occurred in a settlement room where the vendor, purchaser and their respective banks exchanged the title, transfer, mortgage, cheques and any other documents. This is no longer the case in Victoria as settlements are required to be conducted electronically through an electronic settlement system called PEXA.
The basic concept is still the same however no physical paper is exchanged. The documents are still prepared electronically but rather than the vendor and purchaser signing them they are signed by their conveyancers/ lawyers.
This means that their representatives are required to conduct a verification of identity and obtain their signatures on a client authorisation in order to be able to sign on their behalf.
All payments are now made by electronic transfer rather than through the exchange of cheques.
This means that rather than waiting for documents to be registered with the land titles office the registration is almost instantaneous.
Our lawyers are proficient in this process and can help you understand how the transfer process works. Please contact us so that one of our lawyers can get in touch to discuss your matter.
Why choose Carew Counsel Solicitors?
We have decades of experience in the area of Family Law - advocating for our clients to achieve the outcomes they desire.
Engaging in collaborative law can lead to saving costs financially, emotionally and psychologically, as well as time by comparison to using traditional Family Court proceedings.
We empower you, by helping you understand the system, the options and the advantages and disadvantages of different options.
We have experience working with a range of experts in family law, meaning that when you need outside assistance, such as valuations or accountancy advice, we can engage professionals who best suit your individual circumstances.