What is a Settlement Anyway?

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Today we have a very special guest post contribution coming from the lovely team at Tuckfields Conveyancing. They are going to run you quickly through exactly what a settlement is here in Adelaide as they pull back the curtains on a process many have no idea about.

The Ways that you can Transact Property

Complete Removals take care of the process of moving you out of your old home, and into your new one, when you’re buying that property, you need expert advice on the way in which you can settle. Complete Removals are the removalist specialists, but since they asked us to take the reigns of their blog this week, we at Tuckfields have an expert approach to conveyancing.

Choose Wisely

First, the best way when looking to buy or sell a home is to look for a trusted conveyancer. At Tuckfields we pride ourselves on our industry leading knowledge and experience in the field. With all our conveyancing staff being AICSA members and fully Registered Conveyancers, you know you are dealing with professionals.

Some mistakes people make is hiring the cheapest, as we all know transacting property can be costly; but in reality, you get what you pay for, and finding someone who is reasonably priced and a true professional is the best way.

Being mindful about who you’re choosing to represent you in your next transaction; finding an experienced and registered conveyancer is in your best interest.

How has it been done all this time?

Thanks to technology and the progression of the 21st century we now have two ways in which property settlements can occur. Let me break them down for you.

A Good Ol’ Chin Wag

Property settlements for many years, until the introduction of e-conveyancing to South Australia last year, have occurred in the same manner. Your conveyancer will prepare transfer documents, arrange signatures, stamp documents, draw all cheques (including bank cheques), put on their best smile and head to the Lands Titles Office (LTO). The LTO has a room full of people yelling at one another trying to find the other sides conveyancer, to then exchange all signed documents (and a bit of gossip), and then find the corresponding bank representatives to exchange cheques and documentation. With the shake of a hand, the process is complete.

It is a little more complicated than this obviously, the process can take anywhere between 1-4 hours per settlement. Your conveyancer will then advise you once your settlement is complete, and you can grab your keys and get moving – with Complete Removals of course!

Introducing PEXA!

PEXA is the online platform that was introduced last year to exchange property.  Conveyancers and financial institutions login to a shared electronic workspace via a secure encrypted internet connection to settle and lodge documents electronically with the Lands Titles Office.  Financial Settlement is completed involving the transfer of funds from the Reserve Bank of Australia to destination accounts.

PEXA allows conveyancers to perform property transactions in a safer and more efficient way and provides our client’s with immediate access to settlement funds (rather than waiting for bank cheques to clear), immediate registration of their ownership (currently this can take 4-6 weeks) and greater certainty of a successful settlement. It also removes the need for Conveyancers to physically attend settlement.

So when considering how you would like to settle, choose your conveyancer wisely and take into account your options on how to settle. Discuss this with your conveyancer, as there are some settlements that can only take place via the LTO as opposed to PEXA. Getting the right information, expertise, and trust right from the start is definitely in your best interest. Let the Team at Tuckfields be your first choice.

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