Common use of Electronic Conveyancing Clause in Contracts

Electronic Conveyancing. 18.1 The vendor may at their sole discretion elect for settlement and lodgement to be conducted electronically, by notice in writing to the purchaser at any time prior to settlement. If the vendor elects for the settlement and lodgement to be conducted electronically in accordance with electronic conveyancing national law. 18.2 The purchaser shall not be permitted to communicate with the vendor or the vendor’s mortgagee through the electronic conveyancing workspace (the “workspace”) and the vendor does not accept service of any correspondence through the workspace. 18.3 Settlement of this contract shall occur when the workspace records that the exchange of the balance of funds due under this contract have been paid in accordance with the instructions of the vendor’s representative has occurred and/or the documents necessary to enable the purchaser to become the registered proprietor of the Land have been accepted for electronic lodgement. 18.4 It is further agreed that in the event that an error occurs, all parties must do everything reasonably necessary to assist the other party to trace and identify the recipient of any mistaken payment and to recover the mistaken payment and the vendor shall retain an equitable interest in the Land hereby sold until all mistaken payments have been recovered including but not limited to any interest, penalties, costs and all other money due to the vendor has been paid in full.

Electronic Conveyancing. 18.1 The vendor may at their sole discretion elect for settlement and lodgement to be conducted electronically, by notice in writing to the purchaser at any time prior to settlement. If the vendor elects for the settlement and lodgement to be conducted electronically in accordance with electronic conveyancing national law. 18.2 The purchaser shall not be permitted to communicate with the vendor or the vendor’s mortgagee through the electronic conveyancing workspace (the “workspace”) and the vendor does not accept service of any correspondence through the workspace. 18.3 Settlement of this contract shall occur when the workspace records that the exchange of the balance of funds due under this contract have been paid in accordance with the instructions of the vendor’s representative has occurred and/or the documents necessary to enable the purchaser to become the registered proprietor of the Land have been accepted for electronic lodgement. 18.4 It is further agreed that in the event that an error occurs, all parties must do everything reasonably necessary to assist the other party to trace and identify the recipient of any mistaken payment and to recover the mistaken payment and the vendor shall retain an equitable interest in the Land hereby sold until all mistaken payments have been recovered including but not limited to any interest, penalties, costs and all other money due to the vendor has been paid in full. 18.5 If settlement does not occur on the settlement date due to an electronic or computer system failure at any of the purchaser’s representative, vendor’s representative, the state revenue office, the electronic lodgement network, the registrar or the reserve bank of Australia, the parties agree that the failure to settle will not constitute a breach or default under this contract by either party.