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Electronic property settlement record smashed

Electronic property settlement record smashed

A Victorian property worth $22.5 million sets a new record for electronic settlements.

A new electronic settlement record has been achieved, with a Victorian property worth $22.5 million settling via Property Exchange Australia (PEXA)’s online platform.

The landmark more than doubled the previous electronic property settlement record of $9 million set in August 2016 and highlights the potential for sizeable and complex transactions to be settled online.

Completing settlements using PEXA minimises the chance of human error which could potentially lead to delays.

KCL Law’s Principal Lawyer, Mark Yaskewych said that completing the record exchange online was convenient and simple for the firm.

“Using PEXA for our recent settlement was easy and very efficient. PEXA provided us with the support needed to ensure the transaction ran smoothly and to answer any questions that we had along the way.

“PEXA’s online platform definitely makes settlements more efficient, as the entire process is done online which reduces the time spent making telephone calls and engaging with settlement agents.”

KCL Law is proactive in settling matters electronically and Yaskewych said that clients reap the benefits of e-Conveyancing.

“PEXA has proven to be easy to use. It cuts down costs for the client, documents get lodged and stamp duty gets paid immediately.

“Being a large transaction, it is better for the client to get the funds from settlement straight away and not wait for bank cheques to clear.

“Our client was delighted with the outcome, especially having access to funds immediately after settlement.”

This significant milestone is indicative of the continued growth of electronic conveyancing both in Victoria and across the country as the push to a revolutionised, fully digital industry accelerates.

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