PROPERTY LAW ACT 1974 - SECT 58B Meaning of settlement of a sale of land in an e-conveyance

PROPERTY LAW ACT 1974 - SECT 58B

58B Meaning of settlement of a sale of land in an e-conveyance

(1) In an Act, a reference to the
"settlement" (however described) of a sale of land or a contract for the sale of land has the meaning given by this section if the sale is to be completed using e-conveyancing, unless the Act expressly provides otherwise.

Example of another way to describe a settlement of the sale of land—

completion of the sale of the land

(2) Settlement, of the sale of land, occurs when the electronic workspace for the e-conveyance records that—

(a) financial settlement occurs; or

(b) if there is no financial settlement, the documents necessary to transfer title have been accepted for electronic lodgment by the registrar.

(3) In this section—


"sale" , of land, includes an exchange for value.