In a PEXA electronic settlement, what happens if there is a discrepancy in the settlement figures between the purchaser's and vendor's solicitors just before the scheduled settlement time?
Correct Answer
C) Settlement cannot proceed until the representatives agree the figures
PEXA requires all parties to agree on settlement figures before the transaction can complete electronically. Any discrepancy must be resolved between the solicitors/conveyancers before the settlement can proceed, ensuring accuracy and preventing disputes over settlement amounts.
Why This Is the Correct Answer
The settlement figures in a PEXA workspace must balance and be agreed and signed by both representatives before settlement can run. If they disagree, the representatives must resolve the difference first; PEXA will not settle on figures that one side has not agreed.
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Previous Question
In a complex property transaction involving multiple caveats and easements, the settlement is delayed due to title issues discovered during the electronic lodgment process. Who is typically responsible for resolving registration delays in PEXA when the delay is caused by incorrect vendor documentation?
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In a standard residential property settlement, what typically happens if the purchaser's finance is not approved by the finance approval date specified in the contract?