e-Settlement may roll over-What is the latest time slot for e-settlement

8/17/2020
Written by

‘Looks like Settlement may roll’. What is the latest time slot my e-settlement can happen?

This can happen if ALL participants have not completed all their tasks and signed off to make ready by the booked start time, it automatically gets post-poned every 30 minutes (½ hour) till about 14.00hrs (WST) during Daylight saving -also on Eastern state public-holidays or 15.00hrs (WST) which is 17.00hrs E(D)ST as that is when most of the staff at the Reserve Bank of Australia go home.

There is the occasional exception if we are informed that the matter won’t be ready till the absolute latest time of 15.30hrs (WST) or 17.30hrs (E(D)ST) with the RBA closure, we need to schedule this time before the 14.00hrs (WST) for that exceptionally late time slot.

As a digital platform, the parties may complete or finalise their tasks within the last few minutes, or even seconds of the scheduled e-settlement start time.

At A1 Conveyancing, we let our client know once it is ready (as marked by ALL parties) and scheduled to begin.

It is normal for e-settlement to take up to an hour to e-Settle, and then might even take 3-24 business hours for the government departments to complete funds disbursal (RBA) along with updating the title (Landgate). But once it has Settled, the property is considered to have changed hands, and keys may be exchanged.

At A1 Conveyanincing we will definitely confirm this important step.

After Settlement, Final statements, etc can be issued. When Landgate has finished registration with the Title being updated, Buyers can then obtain a post-registration search in their names. A1 Conveyancing will confirm & offer this for their Buyers.

Leave a Reply

Your email address will not be published. Required fields are marked *