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1 change, 1 milestone and $64 million in property – read about it all here

| Published by Mark McKinley, Rosemary Southgate, John Corcoran AM, Wai-Hwoon Low, Kathryn Elleman, Donna Rayner

Happy PEXA day! In Victoria, online settlements are now largely compulsory from today.

The days of lawyers, conveyancers and bankers meeting and exchanging documents and cheques has been replaced with online settlement rooms and real time transfers of funds to our clients.

From 1 October 2018, most combinations of transfers, mortgages and other transactions must occur via PEXA.  The main outlier is for our clients that have complex dealings that are seeking stamp duty rulings to avoid duty aggregation where they have purchased several properties. 

By 1 August 2019, the settlement of all types of transactions in Victoria will need to occur online.

Russell Kennedy was an early adopter of PEXA; registering so long ago that we have already had to renew our first batches of our PEXA digital certificates!

Since then, we have dealt with over 700 transactions, comprising caveats, sales, purchases, financial settlements and loan transactions.

While it was a short week in Victoria last week, we settled over $64 million of properties in over 100 settlement workspaces in just four days and have further settlements occurring today.  During 2018 we have also handled several transactions in excess of $20 million each.

In another significant milestone, our first batch of RK eContracts that were signed in 2017 have now settled online, meaning that we have the ability to run completely paperless transactions for our property developer clients.  This initiative is consistent with our clients’ sustainability efforts while adding efficiency to the sales process for our developers.

Russell Kennedy has a team of experienced lawyers and law clerks to ensure that our developers get the best out of the sale and settlement process – for our clients, their stakeholders and their purchasers.

For more information for developers, read our article 'Top 5 tips for developers to excel in the current market'. 

If you require any further information, please contact one of our Property and Development Principals: Mark McKinley, Rosemary Southgate, John Corcoran AM, Wai-Hwoon Low, Kathryn Elleman or Donna Rayner

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