Electronic Conveyancing. Special Condition Settlement and lodgement will be conducted electronically in accordance with the Electronic EC Conveyancing National Law and special condition 2 applies, if the box is marked “EC”
7.1 This special condition has priority over any other provision to the extent of any inconsistency. This special condition applies if the contract of sale specifies, or the parties subsequently agree in writing, that settlement and lodgement of the instruments necessary to record the purchaser as registered proprietor of the land will be conducted electronically in accordance with the Electronic Conveyancing National Law.
7.2 A party must immediately give written notice if that party reasonably believes that settlement and lodgement can no longer be conducted electronically.
7.3 Each party must: (a) Be, or engage a representative who is, a subscriber for the purposes of the Electronic Conveyancing National Law (b) Ensure that all other persons for whom that party is responsible and who are associated with this transaction are, or engage, a subscriber for the purposes of the Electronic Conveyancing National Law (c) Conduct the transaction in accordance with the Electronic Conveyancing National Law.
7.4 The vendor must open the Electronic Workspace (“workspace”) as soon as reasonably practicable. The workspace is an electronic address for the service of notices and for written communications for the purposes of any electronic transactions legislation.
7.5 The vendor must nominate a time of the day for locking of the workspace at least 7 days before the due date for settlement.
7.6 Settlement occurs when the workspace records that: (a) The exchange of funds or value between financial institutions in accordance with the instruction of the parties has occurred: or (b) If there is no exchange of funds or value, the documents necessary to enable the purchaser to become registered proprietor of the land have been accepted for electronic lodgement.
7.7 The parties must do everything reasonably necessary to effect settlement: (a) electronically on the next business day, or (b) at the option of either party, otherwise than electronically as soon as possible – if, after locking of the workspace at the nominated settlement time, settlement in accordance with special condition 2.6 has not occurred by 4.00pm, or 6.00pm if the nominated time for settlement is after 4.00pm.
7.8 Each party must do everything reasonably necessary to assist the other party to trace and identify th...
Electronic Conveyancing. National Law means the Electronic Conveyancing National Law which applies in Victoria pursuant to the Electronic Conveyancing (Adoption of National Law) Xxx 0000 (Vic).
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.
Electronic Conveyancing. Settlement and lodgement of the instruments necessary to record the purchaser as registered proprietor of the land will be conducted electronically in accordance with the Electronic Conveyancing National Law. The parties may subsequently agree in writing that this special condition 8 applies even if the box next to it is not checked. This special condition 8 has priority over any other provision to the extent of any inconsistency.
Electronic Conveyancing. (Special Condition 3) Settlement and lodgment will be conducted electronically in accordance with the Electronic Conveyancing National Law and Special Condition 3 applies, if the box is marked 'EC' EC
Electronic Conveyancing. (a) Each party must:
(i) be, or engage a representative who is, a Subscriber for the purposes of the
(ii) ensure that all other persons for whom that party is responsible and who are associated with this transaction are, or engage, a subscriber for the purposes of the Electronic Conveyancing National Law; and
(iii) conduct the transaction in accordance with the Electronic Conveyancing National Law.
(b) The Vendor must open the Electronic Workspace (workspace) as soon as reasonably practicable. The inclusion of a specific date for settlement in a workspace is not of itself a promise to settle on that date. The workspace is an electronic address for the service of notices and for written communications for the purposes of any electronic transactions legislation.
(c) The Vendor must nominate a time of the day for locking of the workspace at least 7 days before the due date for settlement.
(d) Settlement occurs when the workspace records that:
(i) the exchange of funds or value between financial institutions in accordance with the instructions of the parties has occurred; or
(ii) if there is no exchange of funds or value, the documents necessary to enable the purchaser to become registered proprietor of the land have been accepted for electronic lodgement.
(e) The parties must do everything reasonably necessary to effect settlement:
(i) electronically on the next business day; or
(ii) at the option of either party, otherwise than electronically as soon as possible, if, after the locking of the workspace at the nominated settlement time, settlement in accordance with special condition 25(d) has not occurred by 4.00pm, or 6.00pm if the nominated time for settlement is after 4.00pm.
(f) A party is not in default to the extent it is prevented from complying with an obligation because the other party or the other party's authorised deposit–taking institution has not done something in the electronic workspace.
(g) If settlement fails and cannot occur by 6.00pm on the Due Date because a computer system operated by Land Use Victoria, State Revenue Office, Reserve Bank, an authorised deposit–taking institution or the Electronic Lodgement Network Operator is inoperative, neither party is in default and the Due Date is deemed to be the next Business Day. Time remains of the essence.
(h) Each party 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.
(i) The Vendo...
Electronic Conveyancing. (a) The parties agree that Settlement will be completed as an Electronic Conveyance in accordance with these Model Rules, unless:
(i) either party gives notice under rule 1.6 below that Settlement will not be completed as an Electronic Conveyance.
(b) The Vendor and the Purchaser agree:
(i) to comply with the Electronic Conveyancing National Law (ECNL) and any Participation Rules, annexed hereto as Schedule 1, Operating Requirements and any other directions in operation as at the date of Settlement by the Registrar General in relation to electronic conveyancing;
(ii) to the extent that there is any inconsistency the following order of precedence applies:
(A) the ECNL and any Participation Rules, annexed hereto as Schedule 1, Operating Requirements and any other directions in operation as at the date of Settlement by the Registrar General in relation to electronic conveyancing;
(B) the amendments to the Agreement set out at 1.1(c) below;
(C) the terms of the Agreement;
(D) the remaining rules set out in these Model Rules; and
(iii) to do all things reasonably necessary to complete Settlement as an Electronic Conveyance.
(c) The parties agree that the Agreement is amended to enable Electronic Conveyance as follows:
(i) Clause 3.2 is replaced with: The balance of the Purchase Price will be deposited in anticipation of Electronic Conveyancing as directed by the Vendor.
(ii) Clause 4.1 is replaced with: The Purchaser's Legal Representative must create, provide, transmit or otherwise make available to the Vendor's Legal Representative, an executed Transfer and or other instrument required to transfer title to the Property to the Purchaser via Electronic Conveyancing at least seven (7) days before the Settlement Date.
(iii) Clause 4.3 (or Clause 4.2 if the agreement is either a Rural Contract or a Commercial Contract) is replaced with: The Vendor must notify the Purchaser at least two (2) business days before the Settlement Date of the details of any payments to third party destination accounts required at the Settlement Date.
(iv) Clause 5.1 is replaced with: Unless otherwise agreed, Settlement must occur via Electronic Conveyancing on the Settlement Date.
(v) Clause 5.2 is replaced with: Before Settlement (provided the Purchaser has complied with its obligations under this Agreement), the Vendor's Legal Representative must provide, transmit or otherwise make available to the Purchaser the duly executed Transfer and any other documents required to transfer title...
Electronic Conveyancing. 30.1 The Seller may by Notice to the Buyer, at any time prior to the date that the Strata Plan becomes in order for dealing with Landgate, require that Settlement be completed by an Electronic Settlement. Should the Seller issue such a Notice the Buyer agrees to complete Settlement as an Electronic Settlement.
30.2 Where this Special Condition is applicable, this Special Condition 30 has priority over any other provision to the extent of any inconsistency.
30.3 Clause 3.12(e) of the General Conditions is amended by:
(a) deleting the words “a Party” on the second line and replacing these with “the Seller”; and
(b) deleting the words “other Party” on the fourth line and replacing these with “the Buyer”.
30.4 The Buyer must at the Electronic Settlement pay all fees and charges payable by the Seller for using the ELNO, including any fees and charges which the Seller is or will be charged by any mortgagee of the Property.
30.5 Settlement occurs when the Workspace records that:
(a) the exchange of funds or value between the financial institutions in accordance with the instructions of the Parties has occurred; or
(b) if there is no exchange of funds or value, the documents necessary to enable the Buyer to become registered proprietor of the Property have been accepted for electronic lodgement.
Electronic Conveyancing. 42.1 In this special condition:
Electronic Conveyancing. (a) We are in no way obliged or required to carry out or perform the conveyance under this Contract or Settlement under any electronic conveyancing or similar system, unless required to do so by law.
(b) We may, in our absolute discretion, require the parties to use any electronic conveyancing or similar system to carry out or perform the conveyance of this Contract, or any part of it, or to carry out or perform Settlement.
(c) If we elect to exercise any Right under clause 15.5(b), then you must carry out or perform the conveyance under this contract or Settlement in the manner in which we have elected.
(d) You must not take any Buyer Enforcement Action because of any of the matters contained in this clause 15.5 or the exercise or non-exercise of Rights by us in accordance with this clause 15.5.
