It is an essential term of this contract that completion shall occur by way of an Electronic Settlement using the ELNO system operated by PEXA and in that regard the parties agree that an affirmative notice by each of them under condition 11.1(1) of the contract herein shall be deemed to have been given. It is agreed that in condition 11.5(2)(b) the following is deleted “or suspension of their access to the ELNO system”.
Note: This special condition would need to be inserted into your contract BEFORE you sign it.
*This offer is available when the solicitor acting for the other party agrees.
The benefits of a PEXA Electronic Settlement:
If you are buying, this means you become the registered owner of the property immediately instead of waiting up to three months, therefore potentially missing out on your discount for early payment of council and water rates and possibly having to pay interest on late unpaid balances.
If you are selling, this means you get your money in your account in 30 minutes of settlement – instead of the usual 3 days for a cheque to clear. No more signing or posting documents (potentially a loss or delay) and no more going to the trouble of finding a JP to witness documents.
A PEXA Electronic Settlement also offers:
Disclaimer: This information does not constitute legal advice. The information contained in this post is given in good faith without reference to any specific set of circumstances and should not be relied upon without first referring the conditions to the parties to the Contract and upon them having received legal advice before agreeing to use the conditions.