During settlement, what is the correct order of events in an electronic conveyancing transaction?
Correct Answer
A) Funds are exchanged and documents lodged together, keys are released on confirmation, then registration follows
In an electronic settlement, financial settlement and lodgement of the transfer and other documents happen together at the settlement time. The land registry then examines and registers the documents, which may take a short while. Keys are released once the agent is told settlement has completed.
Why This Is the Correct Answer
PEXA settles funds and lodges documents together, so neither party gives value without receiving it. The agent releases the keys once settlement is confirmed; registration follows when the land registry processes the lodged documents.
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