As some of you may be aware Victoria has been transitioning into electronic conveyancing since January 2015. This method of settling transactions will become mandatory as of August 2019.
The ability to settle electronically will eliminate paper documentation, physically attending settlement, drawing of bank cheques and lodgement of documentation at Land Use Victoria.
At a nominated time and date in a virtual settlement room platform funds are transferred and documents lodged. This platform is created by PEXA Ltd and further information about them can be found at www.pexa.com.au/.
If you wish to find out more about this process and how it impacts your future transactions please call our office.