Waiting for a cheque to clear is a thing of the past with PEXA
At Beck Legal, we take pride in being innovative, flexible and outcome-focused.
We recently acted for a vendor client who had pledged funds from their sale to another purchase. Unfortunately for our client, the bank for the purchasers of our client’s property were not in a position to settle on the contracted settlement date and therefore our client would not be able to settle its purchase as agreed.
Our client was then in a bind as the pledged funds needed to be paid within three days of the new settlement date and if a traditional paper settlement had occurred the bank cheques would not have cleared in time to fulfil the obligations for our Vendors purchase and incur a financial penalty.
We were early subscribers to the PEXA online settlement platform which enables clear funds to be deposited into a client’s bank account immediately upon settlement.
By negotiating with the purchaser’s solicitor to settle the matter on the PEXA platform, within 30 minutes of settlement funds were cleared in our client’s account and they could proceed with their purchase without financial penalty.
Embracing technology to provide more flexible solutions for our clients using eContracts
Beck Legal’s conveyancing clients are not only based in the Greater Bendigo area but also nationally and internationally. We actively use technology to provide flexible solutions to our clients regardless of where they are located.
We recently had a case where a client had moved overseas and shortly after moving sold a property in Bendigo. In their new location, our client had limited ability to faxing and printing of any documents making it almost impossible to complete the sales transaction in the traditional sense where numerous hard copies of documents are required to be signed.
Being enthusiastic advocates of the use of technology in conveyancing we used an eContract to facilitate the sale which allows participants to sign documents on smartphones, ipads or tablets wherever they are located and provides an efficient and timely means of exchange. We continue to advocate for the use of eContracts for the benefit of all of our conveyancing clients.
Our thorough contract review ensures you are protected
Embracing technology and being innovative has allowed us to streamline many of the procedures and processes involved in buying and selling your property. This allows us to spend more time on the things that really matter to our clients – being available to assist as they require and to provide the advice that really matters to them.
If you are buying a property, our team of lawyers and conveyancers will take time to provide you a proper review of the proposed contract and make you aware of any material risks that you need to be aware of before signing a contract.
Recently, one of our clients entered a contract over a weekend prior to seeking appropriate legal advice.
Upon our discussions with the client, it was discovered that they intended to build a large garage on the property to store vintage cars.
The client wasn’t made aware that a new town planning restriction was proposed to be placed over the property which would restrict the building of the new garage. This information was also not disclosed in the contract of sale.
Fortunately, due to our pre-settlement process of obtaining appropriate information, certificates, government and council zoning searches, we were able to ascertain the new planning restriction would prevent the building of the garage and we were able to arrange for the release of our client from the contract.
If you want to ensure that you have the right advice prior to committing to buying a property, get in contact with the conveyancing team at Beck Legal today.