What is the standard process for settlement of a property transaction in South Australia?
Correct Answer
B) Usually electronically through a platform such as PEXA, exchanging funds and documents
Settlement in SA is typically conducted electronically via PEXA or in person. It involves the exchange of the transfer document, discharge of any existing mortgage, registration of the new mortgage, and payment of the balance purchase price.
Why This Is the Correct Answer
SA settlements are now conducted almost entirely electronically through an electronic lodgement network such as PEXA, where the conveyancers exchange funds and lodge the transfer and mortgage documents together.
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