Electronic Settlement. (a) The parties may agree to conduct settlement in accordance with the Electronic Conveyancing National Law. (b) The vendor must open the electronic workspace as soon as reasonably practicable and nominate a time of day for locking the workspace at least 7 days before the due date for settlement. (c) Settlement occurs when the workspace records that the exchange of funds or value between financial institutions in accordance with the instructions of the parties has occurred.
Appears in 2 contracts
Sources: Contract of Sale of Real Estate, Contract of Sale of Land