DBL Solicitors partnered with PEXA, the leading national electronic settlement provider a number of years ago and are now successfully completing online settlements on behalf of our clients.
We see online settlements as the way of the future in conveyancing, with a growing number of clients and financial institutions preferring this platform. The benefits for both buyers and sellers have convinced many parties to embrace online property settlements with PEXA.
For a seller these benefits include fast access to funds. In a manual paper settlement, the seller would normally need to wait 3-5 business days for a settlement cheque to clear. With PEXA, funds are transferred electronically as part of the settlement process and are usually received by the seller the same day (this may vary depending on which institution the vendor banks with).
For a buyer, electronic settlement allows lodgement of documents to happen in real time at settlement, whereas in the manual paper process, lodgement of documents may occur some time after settlement. This means the buyer’s interest will be recorded on the title in a matter of minutes, rather than days or weeks.
Electronic settlement also provides greater certainty of a successful settlement being achieved for both buyers and sellers. By using PEXA, we can avoid a failed settlement due to documents being incorrect as PEXA obtains a Lodgement Verification to ensure the details on the transfer and mortgage are correct. PEXA also alleviates errors with settlement funds, where cheques are short or have information spelt incorrectly on them. There is no last minute rush to rectify the issues for settlement to proceed.
DBL Solicitors are proud to be at the forefront of this new technology initiative and look forward to assisting our clients with this additional service, ensuring your property sale or purchase is completed seamlessly.
Please contact us for more information on electronic settlements for conveyancing or to find out if electronic settlement is appropriate for your next property purchase or sale.