#1 How does property conveyancing work?
Автор: Anthony Cordato
Загружено: 2024-10-11
Просмотров: 77
For most people, property conveyancing is a black box where a property changes owners in exchange for the price.
Conveyancing starts with signing a Contract for Sale. The Contract contains the price and how long it will take until settlement.
The property lawyer / conveyancer / settlement agent check he title, and when they and the mortgagee are satisfied, all is ready for settlement.
Settlement takes place on PEXA, which is an electronic platform for property settlements.
At the settlement time, the title is locked for 15 minutes. The transfer of title and mortgage are checked and approved. Then the funds are disbursed digitally to the vendor and their bank. The transfer and other documents are lodged digitally at the Lands Registry. The keys are all that is physically handed over.
In the video, we discuss how much better electronic conveyancing is, compared with handing over paper Certificates of Title.
Now watch the video
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