Our latest PEXA experience is proof that e-conveyancing is the way of the future...
As at 5.00pm last Friday afternoon the conversation/feedback from the incoming mortgagee stated: - 'Hi, We have only received scanned copies of the documents and they have not yet been assessed. This loan also involves an additional security which requires consent from, and priority to, a first mortgagee. It is unlikely that we will be able to settle Monday as we must have the file fully assessed and the priority documents must all be in order before we can settle. We will update you when we can. thanks'
As at 9.22am this morning (day of settlement - due 2.00pm) the updated conversation/feedback stated:- 'We have escalated this file processing to attempt to meet settlement today. At first glance it appears we will not be able to settle yet due to the need to finalise Priority from another lender for our support security. We will update you as soon as we can. thanks'
A few hours later at 11.33am:- 'Hi, We have just been given the go-ahead to settle. We will prepare our documents etc.. shortly. thanks for your patience'
At 1.00pm today we received an email to advise the incoming Mortgagee was ready to settle. By 1.18pm all parties to the transaction had signed all documents and at 2.18pm this afternoon we received confirmation of settlement, lodgement and disbursement a short while later. The happy first home purchasers collected their keys at 2.45pm this afternoon and everyone is happy.
The added bonus - the other parties (Vendor and discharging Mortgagee) were not even aware of the potential for non-settlement today. The Vendors' Conveyancers were absolutely amazed when we informed them post-settlement.
As we are all aware, a manual settlement would have taken at least another 2-3 days after receiving the 'ready to settle' status, but via PEXA we were able to settle within the hour and the Purchasers avoided several hundreds of dollars in default interest for not completing on time. WINNING!!!