During the Covid-19 Pandemic physical settlements by paper may be impacted by the closure of settlement venues and the need to adhere to social distancing rules. In such events settlement may still take place electronically using the PEXA platform.
“It is a term of this contract that settlement be by way of Electronic Settlement using PEXA. The parties agree that notice by each of them under condition 11.1(1) of the contract is hereby given.”
We also believe that additional time may be required and the following timeframes are reasonable:
Building and pest – 21 days
Finance – 21 days
Settlement – 45 days