Common use of Settlement by a Method Clause in Contracts

Settlement by a Method. other than Electronic Conveyancing (Non e-conveyance) (1) Where Item 12.2(b) specifies settlement by non e-conveyance or Clause 12.1(3) applies or the parties agree in accordance with Clause 12.1(10)(b)(ii), this Clause 12.2 will apply. (2) Settlement shall take place on the Settlement Date between 10.00am and 4.00pm AEST: (a) at the settlement office of the Seller's mortgagee or solicitor; or (b) as otherwise agreed upon by the parties; or (c) failing agreement, at the nearest office, to the nominated place for Settlement, at which land title documents may be lodged for registration. (3) Notwithstanding the completion of Item 12.2(b) the parties may agree to e-conveyance at any time, at which point the provisions of Clause 12.1 will apply. (4) On the Settlement Date: (a) the Buyer must, pay the Balance Purchase Price, adjusted as provided in this Contract, by Bank Cheque/s (as directed by the Seller or its Solicitor in writing); and (b) the Seller must deliver (or cause to be delivered) to the Buyer (or as directed by the Buyer) Transfer Documents free from Encumbrances, unless detailed in Item 19, executed by the Seller in a form capable of immediate registration (save for stamping) in accordance with the Land Title Act 1994. (5) The Buyer shall be required to bear the cost of no more than four Bank Cheques in payment of the Balance Purchase Price.