During 2016-17, the cost for an electronic settlement is $107.80, or $122.98 if there’s more than one title involved. Glenferrie Conveyancing will absorb half of this cost (as it also provides workload reduction benefits to us), and so you only have to contribute $53.90 or $61.49 towards the cost of your electronic settlement .
What are the Savings available to you when buying a property with an electronic settlement, compared to a manual or paper-based settlement?
Land Victoria fees:
- The registration of your Transfer will be either $8.00 or $9.00 cheaper.
- The registration of your mortgage will be $8.30 cheaper.
- A Title Activity alert subscription, that costs $8.95 and is used to confirm that your Transfer has been registered by your lending Bank and you have become the legal owner of the property, is not required.
Bank cheque fees:
- All payments in an electronic settlement are made by EFT or BPay at no cost. Bank cheques cost $10.00 to $15.00 each, and are not required. With a manual or paper-based settlement, you must pay the fees for the first three bank cheques required, this may cost up to $45.00.
Apart from these savings, the best attribute of electronic settlement is that it is more reliable than manual settlement. Once an electronic settlement is made ready by all of the parties, it is extremely unlikely that it will not proceed to completion. With a manual or paper-based settlement, however, if just one of the documents or cheques are incorrect or missing the settlement may fail and have to be re-scheduled, which is costly and frustrating.
Contact Glenferrie Conveyancing for more information.