Electronic Settlement. (1) Clauses 5.1(2) and 5.2 do not apply.
(2) Payment of the Balance Purchase Price electronically as directed by the Seller’s Solicitor in the Financial Settlement Schedule satisfies the Buyer’s obligation in clause 2.5(1).
(3) The Seller and Buyer will be taken to have complied with:
(a) clause 2.5(3)(c),(e) and (f); and
(b) clause 2.5(5)(d) and (e), (as applicable) if at settlement the Financial Settlement Schedule specifies payment of the relevant amount to the account nominated by the Commissioner of Taxation.
(4) The Seller will be taken to have complied with clause 5.3(1)(b), (c), (d), (e) and (f) if:
(a) in relation to documents which are suitable for Electronic Lodgement in the Land Registry at settlement, the documents are Digitally Signed within the Electronic Workspace; and
(b) in relation to any other document or thing, the Seller’s Solicitor:
(i) confirms in writing prior to settlement that it holds all relevant documents which are not suitable for Electronic Lodgement and all Keys (if requested under clause 5.3(1)(d)) in escrow on the terms contained in the QLS E-Conveyancing Guidelines; and
(ii) gives a written undertaking to send the documents and Keys (if applicable) to the Buyer or Buyer’s Solicitor no later than the Business Day after settlement; and
(iii) if requested by the Buyer, provides copies of documents in the Seller’s Solicitors possession.
(5) 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 Financial Institution has not done something in the Electronic Workspace.
(6) Any rights under the contract or at law to terminate the contract may not be exercised during the time the Electronic Workspace is locked for Electronic Settlement.
(7) Electronic Settlement is taken to occur when Financial Settlement is effected, whether or not Electronic Lodgement has occurred.
Electronic Settlement. 18.1 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. This general condition 18 has priority over any other provision of this contract to the extent of any inconsistency.
18.2 A party must immediately give written notice if that party reasonably believes that settlement and lodgement can no longer be conducted electronically. General condition 18 ceases to apply from when such a notice is given.
18.3 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, and
(c) conduct the transaction in accordance with the Electronic Conveyancing National Law.
18.4 The vendor must open the electronic workspace (“workspace”) as soon as reasonably practicable and nominate a date and time for settlement. The inclusion of a specific date and time for settlement in a workspace is not of itself a promise to settle on that date or at that time. The workspace is an electronic address for the service of notices and for written communications for the purposes of any electronic transactions legislation.
18.5 This general condition 18.5 applies if there is more than one electronic lodgement network operator in respect of the transaction. In this general condition 18.5 “the transaction” means this sale and purchase and any associated transaction involving any of the same subscribers. To the extent that any interoperability rules governing the relationship between electronic lodgement network operators do not provide otherwise:
Electronic Settlement. (1) Clauses 5.1(2) and 5.2 do not apply.
(2) Payment of the Balance Purchase Price electronically as directed by the Seller’s Solicitor in the Financial Settlement Schedule satisfies the Buyer’s obligation in clause 2.5(1) and 2.5(3)(f).
(3) The Seller and Buyer will be taken to have complied with:
(a) clause 2.5(3)(c),(e) and (f); and
(b) clause 2.5(5)(d) and (e), (as applicable) if at settlement the Financial Settlement Schedule specifies payment of the relevant amount to the account nominated by the Commissioner of Taxation.
(4) The Seller will be taken to have complied with clauses 5.3(1)(b) and (c) if, at settlement, the Electronic Workspace contains Transfer Documents and (if applicable) releases of the Encumbrances (other than releases of Encumbrances referred to in clause 11.3(5)) for Electronic Lodgement in the Land Registry.
(5) The Seller will be taken to have complied with clause 5.3(1)(c), (d), (e) and (f) if the Seller’s Solicitor:
(a) confirms in writing prior to settlement that it holds all relevant documents which are not suitable for Electronic Lodgement and all Keys (if requested under clause 5.3(1)(d)) in escrow on the terms contained in the QLS E-Conveyancing Guidelines; and
(b) gives a written undertaking to send the documents and Keys (if applicable) to the Buyer or Buyer’s Solicitor no later than the Business Day after settlement; and
(c) if requested by the Buyer, provides copies of documents in the Seller’s Solicitors possession.
(6) 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 Financial Institution has not done something in the Electronic Workspace.
(7) Any rights under the contract or at law to terminate the contract may not be exercised during the time the Electronic Workspace is locked for Electronic Settlement.
Electronic Settlement this contract or affect its interpretation. If anything is permitted or required to be done:
Electronic Settlement. (1) Clauses 5.1(2) and 5.2 do not apply.
(2) Payment of the Balance Purchase Price electronically as directed by the Seller’s Solicitor in the Financial Settlement
Electronic Settlement. (1) Clauses 5.1(2) and 5.2 do not apply.
(2) Payment of the Balance Purchase Price electronically as directed by the Seller's Solicitor in the Financial Settlement Schedule satisfies the Buyer's obligation in clause 2.5(1).
(3) The Seller will be taken to have complied with clauses 5.3(1)(b) and (c) if, at settlement, the Electronic Workspace contains Transfer Documents and (if applicable) releases of the Encumbrances (other than releases of Encumbrances referred to in clause 11.3(4)) for Electronic Lodgement in the Land Registry.
(4) The Seller will be taken to have complied with clause 5.3(1)(c), (d), (e) and (f) if the Seller's Solicitor:
(a) confirms in writing prior to settlement that it holds all relevant documents which are not suitable for Electronic Lodgement and all Keys (if requested under clause 5.3(1)(d)) in escrow on the terms contained in the QLS E-Conveyancing Guidelines; and
(b) gives a written undertaking to send the documents and Keys (if applicable) to the Buyer or Buyer's Solicitor no later than the Business Day after settlement; and
(c) if requested by the Buyer, provides copies of documents in the Seller's Solicitors possession.
(5) 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 Financial Institution has not done something in the Electronic Workspace.
(6) Any rights under the contract or at law to terminate the contract may not be exercised during the time the Electronic Workspace is locked for Electronic Settlement.
Electronic Settlement. If settlement is to be conducted through the system operated by Property Exchange Australia Ltd for settlement of conveyancing transactions, the Seller and the Buyer will be taken to have complied with clause 29.3 if the electronic settlement schedule within the electronic workspace used for Settlement specifies payment of the GST Withholding Amount to the account nominate by the Commissioner.
Electronic Settlement. Settlement facilitated by an Electronic Lodgment Network Operator, as defined under section 15 of the Electronic Conveyancing National Law (Qld).
Electronic Settlement. (1) Clauses 5.1(2) and 5.2 do not apply.
(2) Payment of the Balance Purchase Price electronically as directed by the Seller's Solicitor in the Financial Settlement Schedule satisfies the Buyer's obligation in clause 2.5(1).
(3) The Seller and Xxxxx will be taken to have complied with:
(a) clause 2.5(3)(c), (e) and (f); and
(b) clause 2.5(5)(d) and (e), (as applicable) if at settlement the Financial Settlement Schedule specifies payment of the relevant amount to the account nominated by the Commissioner of Taxation.
(a) the transaction is not a Qualifying Conveyancing Transaction; or
(b) a party's solicitor is unable to complete the transaction due to death, a loss of legal capacity or appointment of a receiver or administrator (or similar) to their legal practice or suspension of their access to the ELNO System; or
(c) the Buyer's or Seller's Financial Institution is unable to use the relevant ELNO System to effect Electronic Settlement.
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.
