All blog posts in The e-conveyancing Community

Re: PEXA Release 13.1.1 | 15 March 2021

JackCave — Tue, 23 Feb 2021 02:10:02 GMT

Hi team - Can you provide an update on the next lot of SA residual documents so we can review?

Thanks,

Jack

PEXA is getting a little makeover.

agikocik — Mon, 22 Feb 2021 23:45:18 GMT

Over the coming months, you will notice a few little upgrades to the PEXA look and feel, including our logo. These changes across all your PEXA experiences (website, platform, social media, emails and more) were made to reflect our partnership with you and all that comes with it; collaboration, innovation and positive impact.

Our look and feel has been elevated to better reflect everything you expect from PEXA; from platform reliability to unwavering support from your PEXA representative and support teams.

We can’t wait to share these little changes with you. Reach out to your PEXA representative if you’d like to hear more.

PEXA Projects (POT) | Release 7.5.0 | 15th March 2021

Saysa — Mon, 22 Feb 2021 22:05:13 GMT

PEXA is pleased to present PEXA Projects 7.5.0 (PoT), scheduled for business go live 15 March 2021.

Re: PEXA Release 13.1.0 | 08 February 2021

Saysa — Tue, 16 Feb 2021 02:56:00 GMT

hi , thanks for reaching out! QLD additional consideration types has just been added to R13.1.1.

Re: PEXA Release 13.1.0 | 08 February 2021

Caz_at_Astills — Mon, 15 Feb 2021 22:55:57 GMT

Is there any word on when the change to Qld Transfer allowing additional consideration types will be implemented? I see it was removed from the latest release:

Additional Consideration Types in a Transfer (QLD) (Removed 01 February 2021)

Thank you in advance.

PEXA Release 13.1.1 | 15 March 2021

Saysa — Tue, 16 Feb 2021 22:56:05 GMT

PEXA is pleased to present PEXA Maintenance Release 13.1.1, scheduled for business go live 15 March 2021.

Ability for Mortgagee on Title to assign surplus handing responsibility (ESS Workspaces only)
New setting to indicate if transaction is a Sale or Purchase (ALL)
Adjustments and Payments as the default view (ALL)
Source line items are now grouped as Vendor or Purchaser line items (ALL)

Re: Lease (NSW) | Help Centre

Amanda19 — Sun, 14 Feb 2021 22:13:46 GMT

Thanks Nancy!

Re: Lease (NSW) | Help Centre

NancyMadafferi — Fri, 12 Feb 2021 05:48:10 GMT

Thanks for reaching out.

You absolutely can create a Lease without the Lessee being represented now. I suggest withdrawing the invitation to the Lessee and if you have created the Lease document, select the action cog beside the Lease and 'Remove Document'.

We have this handy article on our Community Help Centre that will step you through how to complete the new Lease:

https://community.pexa.com.au/t5/Help-Centre/Lease-NSW-Help-Centre/ba-p/13758

If you have any questions or concerns don't hesitate to tag me in your reply.

Cheers

Nancy

Re: Lease (NSW) | Help Centre

Amanda19 — Fri, 12 Feb 2021 02:05:50 GMT

I opened a Workspace in December representing the Lessor and issued an invitation to the Lessee's solicitor. Now that we can prepare a single-party Lease, can I withdraw the invitation (they haven't accepted yet) and continue on my own as if I had opened the workspace today as a single-party Lease?

Re: Calendar: Releases, Planned Outages, & Public Holidays | June 2020

IsaacK — Thu, 11 Feb 2021 04:00:11 GMT

Thank you for following up on this, I have updated this post for the month of February.

Regards,

Isaac

Re: Adjustments and Payments view in the Financial Settlement Schedule

Marty — Wed, 10 Feb 2021 03:46:40 GMT

Hi ,

You definitely don't have to use the adjustments feature if you switch on Adjustments & Payments. You can skip past that section and go straight to the destination line items.

I hope that helps.

Marty

Re: Adjustments and Payments view in the Financial Settlement Schedule

Essem — Fri, 05 Feb 2021 03:40:09 GMT

If I switch to Adjustments & Payments tab do I HAVE to use the adjustment feature? I only want to be able to see the destination lines for Vendor and Purchaser, which when using in Destinations tab only sometimes are allocated to the other party and can't be corrected resulting in unallocated funds showing in error. So I only want to use this feature of this view and not the Adjustment calculation part. Is that possible?

Re: Survivorship (WA) | Help Centre

RyanC — Thu, 04 Feb 2021 04:20:53 GMT

Further to this, Landgate have updated their e-con eligibility criteria to cater for this new scope, which can be found here (see last page):-

https://www0.landgate.wa.gov.au/__data/assets/pdf_file/0016/16450/Eligible-documents-for-paperless-conveyancing.pdf

Please refer to Landgate's Practice Manual for their process requirements for Survivorship Applications:-

https://www0.landgate.wa.gov.au/for-individuals/Land-Transactions-toolkit/land-titles-registration-policy-and-procedure-guides/practice-manual

Landgate have also advised that when inputting the document reference details for the Death Certificate on the Application, the registration number of the Death Certificate is to be used, not the certificate number:-

Attaching your Statutory Declaration to your Survivorship Application is required, though unlike the Death Certificate, it does not need to be referenced as evidence within the actual Survivorship Application at this stage.

Re: Calendar: Releases, Planned Outages, & Public Holidays | June 2020

Clarkee — Tue, 02 Feb 2021 00:22:04 GMT

Network Release Calendar attached (current as of 20 April 2020)

Hi Team - Just following up on last December's request. Will there be an updated calendar uploaded for the rest of 2021?

The current attachment goes to June 21. Looking forward to hearing from the team.

Thanks!

Re: Accept or Change Settlement Date and Time | Help Centre

CarterV — Mon, 01 Feb 2021 03:34:05 GMT

Thank you that helps a lot!

Vanessa

Re: Accept or Change Settlement Date and Time | Help Centre

Marty — Thu, 28 Jan 2021 05:50:39 GMT

Hi ,

As of last week (release 13) settlement time changes (not date) no longer require your acceptance, as long as you'd accepted the prior settlement date/time. Your acceptance (or non-acceptance) is carried over. This applies to settlement times being pushed back as well as brought forward. You'll still get an email notification informing you of the settlement time change, and can still log into to PEXA to change the time or unaccept it (set to 'pending'). But if you're happy with the new settlement time, no action is required from you.

This 'no action required' scenario is where we're looking for efficiencies. Saving you going into the workspace where you're ok with the new time.

You can read more about this change in the R13 release notes.

If you aren't comfortable with this change and would like PEXA to require your acceptance of any and all settlement time changes, you can disable this feature in your Subscriber settings under "Remember my Settlement Acceptance if only the Settlement time changes (not date)".

I hope that helps.

Martin

Re: Accept or Change Settlement Date and Time | Help Centre

CarterV — Thu, 28 Jan 2021 04:51:13 GMT

Hi ,

Could you please advise whether an acceptance of a change in time (not date) for settlement on PEXA is required by all parties? Or is it the case that if a settlement date has been accepted, a change in time can be unilaterally made by a party without the need for other parties to accept the change in time. This seemed to happen in a settlement we had yesterday (where the purchaser's solicitor changed the time from 2.30pm to 12pm and PEXA then seemed to accept that change).

Thanks,

Vanessa

PEXA Key APIs

EmilyCanon_ — Wed, 27 Jan 2021 22:56:25 GMT

PEXA Key APIs are now available for member firms, helping connect the app to your business systems.

Re: PEXA Release 13.1.0 | 08 February 2021

Saysa — Tue, 19 Jan 2021 03:36:43 GMT

hi , the new feature is an option that's available to POTs, we haven't removed the ability for IPs to change the settlement date and time, but added an option to restrict it. The POT can always turn this feature on/off as required. I've updated the heading so hopefully it's a little clearer. Apologies for any confusion!

Re: PEXA Release 13.1.0 | 08 February 2021

DMc — Thu, 21 Jan 2021 09:38:22 GMT

Errm I am concerned about the restriction of IP ability to change Settlement Date though! As often there is legitimate contract reason for the IP to change the Settlement Date of their Client purchase.

As Project WS POT are not always on top of each variation or change!

"RESTRICTED INCOMING PROPRIETORS’ ABILITY TO CHANGE THE SETTLEMENT DATE (POT)

You requested, we listened.

For PEXA Project Workspaces, if you are a subscriber acting in the role of Proprietor on Title we have added the ability to restrict Incoming Proprietors from amending the settlement date and time for their Project’s Workspaces."

Re: PEXA Release 13.1.0 | 08 February 2021

DMc — Tue, 19 Jan 2021 01:54:47 GMT

Did someone say pilot? yes please! any thing to make ATO Withholding easier.

Survivorship (WA) | Help Centre

Saysa — Tue, 19 Jan 2021 22:26:38 GMT

Last updated: 19 January 2021
Jurisdiction: WA

Overview

If a joint tenant is deceased and there is at least one surviving tenant, then the surviving joint tenant(s) can make an application to the Land Registry to have the deceased’s name removed, so that only the surviving proprietor’s name is on the Title.

In WA, a Survivorship:

Can be processed for Joint Tenant Title,
Can be processed for Tenants in Common Titles that have Joint Tenants groups,
All surviving Joint Tenants must be represented in the Survivorship.

A Survivorship can be lodged as a standalone, or in combination with any of the following document types supported in PEXA:

Discharge of Mortgage
Withdrawal of Caveat
Mortgage
Transfer

Evidence Requirements

When lodging a WA Survivorship in PEXA, you are required to upload evidentiary material. You may select more than one evidence and for each evidence that you select, you must upload and attach supporting documents. PEXA accepts the following evidence types:

Death Certificate
Coroner’s Report
Grant of Probate
Letters of Administration
Other
Note: If selecting the evidence type of Other, you must also upload and attach a Statutory Declaration.

Steps

Create the Workspace in the role of Proprietor on Title with the following settings:
- Financial Settlement = No
Check that the details returned from the Land Registry are correct:
The tenancy type is Joint Tenants or Tenants in Common with a Joint Tenancy group.
Mark the Proprietor as deceased:

Navigate to the Participants screen.
Select Edit Party next to the deceased party.
Select The Proprietor is Deceased.
In the Details of Death section, click Add Details of Death and enter the date of death:
- Approximate date,
- Actual date,
- Date range, or
- Date description.
Click Confirm.
Save the changes.
The Proprietor now appears as deceased on the Participants screen.
Repeat Step 3 for all deceased Proprietors.

Represent the surviving tenant:

On the Participants screen, select Edit Party next to the surviving party.
Select I Represent this Party.
Check that the Party Details are correct, and provide information where required:
- Name
- Date of Birth
- Preferred contact phone number
- Address Details
Select Save
The Proprietor is now shown as represented on the Participants screen.
Repeat Step 4 until all surviving Proprietors are represented.

Create the Survivorship document:
Note: You can add multiple deceased parties to a single Survivorship in WA.
1. Navigate to the Documents screen and then select Create Document > Survivorship.
  Some details on this form are pre-populated from the information you entered on the Participants screen.
2. Check the Land Title.
  If there is a single title then title will be automatically populated. Otherwise, select the correct title from the list.
3. Under Deceased Proprietor Details, check that the deceased party is correctly listed and the following details are correct and entered:
  - Details of Death.
  - Evidence Type: To add an evidence, select an  Evidence Type then enter the Evident Document Reference ID and Evidence Date.
    You may add more than one evidence type for each deceased party by clicking Add Evidence.
  - Address: Either select an address from the drop-down or add a new one by clicking +.
4. Check that the Applicant Details are correct and an address is entered.
  All surviving tenants are required to be represented (in Step 4) and their details will be listed here.
5. Save the document.
  
  The Document Status will be Prepared - awaiting attachment and won't move to Prepared until you upload and attach the evidence files.
Upload and attach the evidence:
Each evidence must have a corresponding file attached to it.
1. Navigate to the Files screen.
2. Upload your file:
  - Click Upload then Browse for your file.
  - For File Description, select a file type under Land Registry Attachment Files that corresponds with your evidence type.
    Note: If you have selected an evidence type of ‘Other’ then you must:
    - Select Land Registry Attachment Files > Other as the File Description
    - Additionally, upload and attach a Statutory Declaration.
  - Click Upload.
3. Attach your file:
  - From the Action column, select Attach.
  - Select the Survivorship document.
  - Click Attach.
    
    The Document Status should be Prepared.
View, Sign and Lodge the Survivorship:
Note: The document status related to the Survivorship must be Prepared and Successful before you can sign the documents.
If you have more than one Survivorship in the Workspace, ensure to check the order of lodgement.
1. On the Document screen, select the View against the Survivorship(s) and review the details.
2. On the Document screen, select the Sign against the Lodgement Instructions.
3. Select the checkboxes for Lodgement Instructions and Survivorship(s) for all deceased Proprietors.
4. Click Sign Documents.
  The documents will be verified with the Land Registry and once they are successfully verified and signed, you can go ahead and lodge the documents.
5. Select Submit for Lodgement to lodge the documents with the Land Registry.

PEXA Release 13.1.0 | 08 February 2021

Saysa — Sun, 07 Feb 2021 21:57:51 GMT

PEXA is pleased to present PEXA Maintenance Release 13.1.0, scheduled for business go live 08 February 2021.

Key Highlights

New ATO GST Withholding forms (Pilot)
Lease Reform (NSW)
Clients notified of bank account detail changes from PEXA Key request (ALL)

PEXA Projects (POT) | Release 7.3.0 | 16 January 2021

Saysa — Tue, 12 Jan 2021 02:31:46 GMT

PEXA is pleased to present PEXA Projects 7.3.0 (PoT), scheduled for business go live16 January 2021.

Key Highlights

Updates to the Bulk Upload of Financials
Bulk Creation of QLD Transfer Documents

Re: Business marketing in the digital age

MeganOgden — Wed, 30 Dec 2020 21:59:27 GMT

Wow, this is quite interesting!

Re: Thank you members for an incredible December

DMc — Fri, 25 Dec 2020 00:20:34 GMT

Thanks Lisa and team PEXA.

Merry Christmas to you and ALL yours, wishing all an Awesome 2021!

Re: Calendar: Releases, Planned Outages, & Public Holidays | June 2020

Clarkee — Thu, 24 Dec 2020 02:56:30 GMT

Hey Team!
When will we be anticipating the calendar for 2021 Releases to be uploaded?
Have a great Seasonal Break.

PEXA Projects | Maintenance outage 13 January 2021

Aoife — Thu, 24 Dec 2020 01:55:44 GMT

Hi Community,

For our members who use PEXA Projects, please note that there will be a scheduled maintenance outage on 13 January 2021 from 9pm to 11:59pm AEDT.

Therefore, PEXA Projects will not be available during this time.

If you have any questions, let us know below or contact your Account Manager directly.

Kind regards

Aoife

Thank you members for an incredible December

lisadowie — Wed, 23 Dec 2020 23:57:43 GMT

Hi Community,

December is traditionally the busiest time of year for our industry and though 2020 has been truly unique, a number of factors indicated that the traditional spike in volume was likely to be seen once again.

Total visits on desktop and mobile web to the major property portals grew by approximately 16% between June 2020 and November 2020 and are substantially up from the same time last year.
New listings in Australia's capitals grew by 53.8% in October to hit a calendar high. While they dipped in November, they were still 7.7% higher than the same month last year.
Sales grew over 30% in October with a further slight increase in November to reach new calendar highs.

Auction volumes also grew by 21% in November from October, the highest levels since March.

Our industry braced itself for significant volumes and that is exactly what we saw on Friday 18 December 2020, with the previous record for digital property transactions eclipsed.

With the holidays fast approaching and an unprecedented number of Australians seeking to buy or sell their home, it’s at this time consumers rely on our sector the most, for safe, secure and efficient property settlements.

The scale of work undertaken by all cannot be understated. Navigating a day of this magnitude would not be possible without a decade of collaboration and digital innovation.

We also saw our member banks go the extra mile, implementing the following measures in response to heightened volumes, in support of industry:

Extended overtime.
Proactive conversations to follow up on outstanding tasks.
Community posts emphasising timeframes for settlement tasks.
Follow-up with customers on loan documents to ensure timeliness.

And I’d like to take this opportunity to thank all members for your contributions both in recent weeks and throughout 2020. It’s by working together that we have helped so many Australian homebuyers and sellers settle their property safely.

This was a year like no other, but it’s been inspiring to see industry overcome these challenges collaboratively.

From the team at PEXA, we wish you and your families all the best these holidays and we look forward to breaking new ground together in 2021.

Victorian Land Transfer Duty waiver

Lindiana — Thu, 17 Dec 2020 23:53:22 GMT

The Victorian State Revenue Office (SRO) has announced that from Monday 21 December, the Land Transfer Duty Waiver for eligible residential purchases will be incorporated as a DOL system assessed transaction.

Leading up to Christmas with NAB

Jarrod_McAleese — Tue, 15 Dec 2020 22:30:49 GMT

Merry Christmas from everybody over at NAB.

As you would all know, the lead up to Christmas is always a busy time for settlements. Already NAB have a lot of customers getting ready to move into their homes prior to Christmas and we’re wanting to work together to ensure we provide the best possible experience.

To do this, we’re seeking your support with the below:

If not already completed, ensure that Total Funds Required / Enhanced Settlement Summary is finalised in advance of settlement date;
Create Workspaces and invite NAB as early as possible;
Ensure that the Transfer of Land is created well in advance to help NAB finalise our application internally;
Send the Discharge Authority to Discharge.Authority@nab.com.au as soon as held.

Additionally, if you are aware that NAB is expected to collect surplus on behalf of the customer for an outgoing transaction, please advise us as early as possible so we can create the line item destination in PEXA.

Furthermore, if you believe a settlement scheduled during this busy period is unlikely to be ready, we ask that you considering changing the anticipated settlement date.

Your support and assistance is greatly appreciated during this busy holiday period.

Kind regards
National Australia Bank.

Christmas Day, Boxing Day, New Year's Day and holiday period lodgement and settlement

Jarrod_McAleese — Wed, 09 Dec 2020 22:44:23 GMT

Hi Community,

On Christmas Day (Friday 25 December 2020), Boxing Day (Saturday 26 December 2020) and New Year’s Day (Friday 1 January 2021), financial settlement will not be available in all states. However, lodgement will remain available in Victoria and New South Wales.

A state-by-state breakdown of lodgement and settlement availability on Christmas Day and and New Year’s Day, as well as office availabilities for land registries, is provided below.

Additionally, we’d like to reminder members during this period to verbally confirm bank account details with their clients or use PEXA Key to safely exchange sensitive information.

New South Wales

Christmas Day, Boxing Day and New Year’s Day availability

Lodgement is available
Financial settlement is unavailable

Land Registry notice

NSW Land Registry Services (NSW LRS) Lodgement Office will be closed on Tuesday 29 December 2020, Wednesday 30 December and Thursday 31 December 2020.

The NSW LRS offices will also be closed on the public holidays of Friday 25 December 2020, Monday 28 December 2020 and Friday 1 January 2021.

Victoria

Christmas Day, Boxing Day and New Year’s Day availability

Lodgement is available
Financial settlement is unavailable

Land Registry notice

Registration and call centre services will be unavailable during the end of year holiday period, from 4.00pm on Thursday 24 December 2020 to 8.30am on Monday 4 January 2021.

Queensland

Christmas Day, Boxing Day and New Year’s Day availability

Lodgement is unavailable
Financial settlement is unavailable

Land Registry notice

The Department of Natural Resources, Mines and Energy (DNMRE) and subsequently, the Queensland Land Registry, has confirmed its holiday closure period as Friday 25 December 2020 to Sunday 3 January 2021, inclusive.

We’re pleased to share with members that settlement will remain available during this period.

It’s important to note however that while settlement will proceed, lodgement and registration will not be confirmed until the Land Registry’s return date of Monday 4 January 2021.

From this point, the Land Registry will begin to work through the backlog of matters accumulated during its shutdown.

South Australia

Christmas Day, Boxing Day and New Year’s Day availability

Lodgement is unavailable
Financial settlement is unavailable

Land Registry notice

TBC.

Western Australia

Christmas Day, Boxing Day and New Year’s Day availability

Lodgement is unavailable
Financial settlement is unavailable

Land Registry notice

Lodgement will remain available throughout the holiday period, excluding public holidays.

If you need assistance with your online lodgement or settlement over the Christmas period, PEXA’s Support centre is still available, except for public holidays – Christmas Day, Boxing Day and New Year’s Day 2020. You can contact our friendly support staff between 8:30am – 8:00pm AEDT at support@pexa.com.au or 1300 084 515.

Victorian 2020-21 Budget - land transfer (stamp duty) relief

Lindiana — Thu, 03 Dec 2020 05:44:33 GMT

The Victorian Budget 2020-21 announcement on 24 November 2020, included significant duty relief for some eligible residential property purchases. A duty waiver of 50% for new residential properties, and 25% for existing residential properties will be available for purchases with a consideration of up to $1 million, where a contract is entered into between 25 November 2020 and 30 June 2021.

Navigating the end of year rush

Jarrod_McAleese — Wed, 02 Dec 2020 23:11:49 GMT

Hi there,

We’re approaching the traditionally busy end of year period for our industry and we know it’s likely you have a high number of transactions to be settled before you spend time with your loved ones these holidays).

As we prepare to navigate the coming weeks, we’d encourage you to keep three key things in mind:

Be Early

Where possible, we recommend you progress your Workspaces as early as possible. This includes:

Sending Workspace invitations early, at least 10+ days out from settlement
Finalising the source funds required for settlement 5+ days out, ensuring they are cleared 3+ days out if using the PEXA Source Account
Finalising Payment Directions at least 24 hours prior to settlement

Tip: 12pm and 2pm AEDT are popular time slots for settlement – consider selecting a different time.

Be Safe

Please remain vigilant at this time. Our Security team has provided the below guidance:

PEXA will only ever contact you from email addresses ending in "@pexa.com.au"
Avoid email for the exchange of sensitive information
Use PEXA Key to securely transfer trust and bank account details

Be Kind

It’s been a challenging year, but we’re nearing the finish line. It’s important to remember we’re all working towards the same goal – supporting buyers and sellers, so I encourage you to be supportive of your Workspace colleagues and the PEXA Support Centre team.

Keep an eye out for a notice about holiday period operating hours from industry bodies across the states later this month. If you require any assistance, please reach out to your PEXA representative.

PEXA Key - Opt-in to automatically send PEXA Key Invitations | 07 December 2020

JeffWulfsohn — Tue, 08 Dec 2020 02:12:37 GMT

Opt-in to automatically send PEXA Key Invitations

To make it easier to invite clients to register for PEXA Key, we have added a new feature to the PEXA Exchange. It enables you and your organisation to opt-in to automatically send PEXA Key invitations.

Subscriber Managers will be able to activate this feature under Administrator Tools on the platform - check out how to do this below.

When enabled, the PEXA Key check box under Party Details will be selected by default* for all future Workspaces.

e.g.

Once you have entered your client's mobile phone number and email address, PEXA will send your client an invitation to register for PEXA Key upon saving the party details. For parties who do not wish to register for PEXA Key, simply uncheck the invitation check box, and your client won’t be sent an invitation.

How To:

If you’re a PEXA member who is keen to get your clients using PEXA Key, then your Subscriber Manager can enable this feature:

Navigate to Administrator Tools > Manage Subscriber Details
Scroll down to the PEXA Key - Registration section and select On

* The PEXA Key invitation displays in Workspaces where there is an eligible transfer.

(Referencing PEXA FS-8255 )

Re: PEXA Release 12.1.2 | 07 December 2020

Saysa — Mon, 30 Nov 2020 23:33:20 GMT

Hey , there's no expected outage. Cheers,

Re: PEXA Hotfix Release 12.1.2 | 07 December 2020

Clarkee — Sun, 29 Nov 2020 21:11:14 GMT

Hey Team, will there be an outage during the hotfix deployment? Thank you in advance.

PEXA Hotfix Release 12.1.2 | 07 December 2020

Saysa — Sun, 06 Dec 2020 22:59:34 GMT

PEXA is pleased to present PEXA Hotfix Release 12.1.2, scheduled for business go live 07 December 2020.

Key Highlights

Create or retrieve PEXA Key invitations via API (ALL)
Added new setting to auto opt-in to PEXA Key invitations (ALL)
Bug fix: Incorrect auto-representation was applied upon accepting Participation Request (ALL)

Re: Introducing PEXA Planner

Saysa — Wed, 25 Nov 2020 20:30:42 GMT

PEXA Planner Release 4.0

PEXA is pleased to present PEXA Planner Release 4.0, scheduled for business go-live on 26 November 2020.

Feature updates

New Dashboard: POT Daily Settlements
New filter: ESS Workspaces

New Dashboard: POT Daily Settlements

Based on user feedback, we created a new POT Daily Settlements dashboard. This dashboard was specifically designed for Planner users who are acting in the role of Proprietor on Title, within a PEXA Workspace and offers a holistic view showing Workspaces that have funds verified for sign-off. The POT Daily Settlements dashboard also provides Proprietors on Title transparency on the status of their Workspaces, including what is outstanding to reach an on-time settlement.

The POT Daily Settlements dashboard incorporates some features from other dashboards to produce a personalised view with meaningful data for users in the role of Proprietor on Title.

The new filtering options on this dashboard includes:

My settlement date status – Allows you to filter Workspaces where the settlement date has been accepted by your organisation.
All settlement date status – Allows you to filter by Workspaces where all participants have accepted the proposed settlement date.
Source funds – Allows you to filter by Workspaces based on whether funds have been verified or not.

New filter: ESS Workspaces

To support the new Enhanced Settlement Summary (ESS), which is currently being piloted in PEXA Exchange, Planner R4.0 has added a new ESS Workspace filter that lets you easily identify Workspaces where ESS is enabled. You can filter by the following options:

All – Displays all Workspaces.
No – Displays Workspaces where ESS is not enabled.
Yes – Displays Workspaces where ESS is enabled.

The ESS Workspace filter appears on the following dashboards within Planner:

Daily Settlements
Daily Settlements Detail
Get to Ready
Time Slot Planner
Pipeline
Pipeline Detail
POT Daily Settlements

Re: PEXA Release 11.1.1 | 14 March 2020

Caner — Thu, 19 Nov 2020 03:45:48 GMT

Hi ,

That's correct, we've not rolled out the functionality for FRCGW. There's been some delays with getting the FRCGW PPN form finalised, and as such we'll (hopefully) be looking to bring this in towards the end of 2021.

Cheers,

Caner

Re: PEXA Release 13.0.1 | 07 December 2020

Marty — Wed, 18 Nov 2020 23:16:06 GMT

Hi ,

No, this change only applies to destinations, not sources.

Previously the PEXA Workspace ID would prepopulate into this field (e.g. PEXA20782092). But we noticed that most people would overwrite this value with their own Workspace Reference (e.g. 45098 SMITH), so we've just changed the rules to save people some typing.

I hope that answers your question.

Re: PEXA Release 13.0.1 | 07 December 2020

kennedsh — Wed, 18 Nov 2020 22:45:34 GMT

Hi Team,

Transaction description is auto-populated with Workspace Reference -

Is this something that’s going to start appearing when we enter the loan amounts and equity amounts etc.? and will we need to start manually deleting the reference if we do not wish to use this field?

Regards,

Shane

Re: PEXA Release 13.0.1 | 07 December 2020

NancyMadafferi — Mon, 16 Nov 2020 06:19:07 GMT

That is correct, the date of birth will only be used on the Dashboard to differentiate parties you represent that have the same name.

Thanks

Nancy

Re: PEXA Release 11.1.1 | 14 March 2020

juliaboyce — Mon, 16 Nov 2020 02:40:55 GMT

In case I missed it. I don't thnk this FR CGW integration is available yet? Do you have a expected roll out date? thanks

Re: PEXA Release 13.0.1 | 07 December 2020

Marty — Mon, 16 Nov 2020 02:20:21 GMT

Hi ,

These are exactly the types of dependencies that are on the chopping block. We want you to be able to do your work (e.g. sign your docs) without having to wait on others.

The thing that is tying all the docs into a big knot is Lodgement Verification (LV). More specifically the need for docs to undergo LV before they can be signed. Because the Transfer document takes a while to complete, it holds back LV and as a result the ability to sign other docs. We've done and continue to work on tweaks to untie this knot:

Discharge of Mortgage - back in August we updated our rules to allow you to sign your Discharge before it undergoes LV. No more waiting for the Transfer or Stamp Duty. Try it out. (Link to August release notes)

Mortgage - we don't allow you to sign your Mortgage before LV. Yet. But from December (release notes above) we will be triggering LV earlier. Specifically no longer waiting for Stamping. This earlier LV will allow you to sign your Mortgage doc sooner. We're going to start with SA and NSW, and then progressively roll out to other states.

I hope this answers your question. Happy to discuss further if you'd like.

Thanks,

Marty

Re: PEXA Release 13.0.1 | 07 December 2020

Saysa — Sun, 15 Nov 2020 20:59:06 GMT

Hi , the revised date for R13.0.0 has been confirmed for 07 December 2020, which coincides with the release of R13.0.1.

Re: PEXA Release 13.0.1 | 07 December 2020

DMc — Fri, 13 Nov 2020 02:23:47 GMT

Any update on the delayed 13.0.0 release yet?

Re: PEXA Release 13.0.1 | 07 December 2020

sgoscombe — Thu, 12 Nov 2020 23:39:01 GMT

Just to clarify - the DOB on the Dashboard screen, this is ONLY on the dashboard screen? It won't flow through to any reports/statements generated from PEXA?

Re: PEXA Release 13.0.1 | 07 December 2020

kennedsh — Thu, 12 Nov 2020 21:43:08 GMT

Hi Team,

Ability to complete lodgement verification prior to stamp duty assessment (SA & NSW) - There is an issue where we cannot digitally sign a Mortgage or Discharge of Mortgage where the Transfer had been created however the status is in ‘Preparation’. As the Transfer had not been fully completed it stops our staff in the teams that complete this function from digitally signing the Banks documents. No mention of this being fixed as part of this enhancement but wanted to ask if this is being looked into?

Regards,

Shane

Dentons Transfer Checklist | Help Centre

Jarrod_McAleese — Tue, 15 Dec 2020 02:08:47 GMT

Dentons has provided the following information and tips when completing a transfer as vendor or purchaser in matters it is representing:

ING Bank
Macquarie
Teachers Mutual Bank
Qudos Bank
Bendigo and Adelaide Bank

Transfer - Sale (Mortgagee on Title)

How to initiate a Sale Request

Dentons requests that the practitioner sends the Discharge Authority directly to the Lender.
Note that the Lender is not part of the PEXA Workspace when Dentons is acting on their behalf.

Lender Contact Details:

ING
- (T) 133 464
- (E) mortgage.discharges@ing.com.au
Macquarie Bank
- (T) 1800 007 722
- (E) clientservices@mortgageinfo.com.au
Bendigo and Adelaide Bank
- (T) 1300 236 344
- Please return the signed and completed Discharge Authority to your local Bendigo Bank branch
Qudos Bank
- (T) 1300 747 747
- (E) loandischarge@qudosbank.com.au

PEXA Invitation Request

Please send as early as possible or at least 10-15 days prior to settlement
Settlement days set shorter than 15 days may impact settlement times

Requested information to include in the PEXA invitation:

Denton’s Reference (if available) z
Lender Reference (loan number)
Mortgagor Names
Address of property

Preferred Settlement times: (AEST/AEDT)

Dentons preferred settlement time is 12pm onwards

Settlement Date Acceptance

The requested settlement date will not be accepted until Dentons have received instructions and the security packet from the Lender. Please note: attaching the discharge authority to the workspace does not allow Dentons to formally accept the date unless instructions have been received.
Where security documents have not been received within 5 business days of settlement, Dentons may need to push the settlement date out.

DENTONS Payout Process

Dentons does not receive Indicative payout figures.
Final Payout Figures are confirmed on the morning of settlement by 11:30am
Please do not escalate unless final payouts are not in the PEXA workspace post 11:30am the day of settlement

Surplus Funds

Dentons preference is for the practitioner to manage any surplus funds in PEXA
Surplus funds can only be accepted if the Lender agrees to accept surplus funds
- ING –matter by matter basis

Transfer - Purchase (Incoming Mortgagee)

How to initiate a Purchase request:

Dentons will accept a workspace invitation once the lenders instructions have been confirmed.

Dentons cannot accept settlement date and time until all loan and mortgage documents have been received from the Borrower and all the Lender’s requirements have been met.

When all documents have been received by Dentons, we require four business days to book in the settlement date and time.

Dentons requests the following details on the PEXA invitation:

Dentons Reference (if available)
Lender name
Loan number/ Application number
Full name of the borrower
Security Address

Preferred Settlement Times (AEST/AEDT)

Dentons preferred settlement time is 3pm onwards.

Please note: On settlement day, Dentons requires lender funds to be cleared in their trust account to be able to verify for funds for settlement.

Transfer of Land (TOL)

Please ensure the TOL document is prepared as soon as possible, preferably at the time of workspace creation, or at least 5 business days prior to settlement.

Please notify Dentons if the TOL is changed, as we will need to seek clarification from the Lender prior to proceeding to settlement.

Funds Available for Settlement

The source funds are uploaded to the PEXA workspace when all relevant loan documents have been signed, completed and returned to Dentons; together with all pre-settlement conditions being met.

Requirements before Booking Settlements

All loan and mortgage documents must have been received from the Borrower and all the Lender’s requirements met before booking a settlement. Please refer to your individual initial letter for the Lenders settlement requirements.

Once the loan and mortgage documents and requirements are received – they will be processed by Dentons within 48 hours.

Total Funds Required for Settlement

Please provide total funds required for settlement as soon as possible or ideally 2 days prior to settlement
If the Lender has the capability to provide Borrower Funds for settlement and the Borrower has provided the required authority to debited the account, the account details will be updated in PEXA on the settlement date

Dentons provide the total funds for settlement.

PEXA Update December 2020: If a workspace is settling using the new Enhanced Settlement Summary (currently being rolled out via a phased deployment) TFRS will not be required. The alternative requirements are to agree funds due for settlement and select ready for shortfall or surplus. More details are available here: community.pexa.com.au/t5/Help-Centre/PEXA-s-Enhanced-Settlement-Summary/ba-p/20957. Dentons will be updating this checklist to reflect the new ESS process in early 2021.

Settlement Date Acceptance

Dentons will accept the settlement date and time when all pre-settlement conditions have been met.

Dentons require at least four business days' notice to book a settlement. Failure to meet this timeframe may impact Dentons’s ability to settle on the preferred settlement date and time.

Loan Proceeds

Loan Proceeds will be finalised and confirmed by Dentons at least 1hr prior to the scheduled settlement time unless otherwise indicated.

Note: Late receipt of documents, pre-settlement conditions and funds can impact this timeframe.

Shortfall of Funds

Dentons may not hold authority to debit a borrowers account for shortfalls of funds required for settlement.

If the borrower holds an existing account with the Lender, please contact their broker/Lender to discuss further options and/or provide the required completed and signed authority to Dentons.

Day of Settlement

Please have your documents and your adjustments on the financial settlement schedule finalised prior to 10am on the day of settlement.

Any amendments made to the financial settlement schedule (post Dentons or practitioner adjustments being signed off) will result in Dentons needing to re-confirm loan proceeds available which could cause settlement delays.

The financial settlement schedule in the workspace will only be verified and signed once funds have been received (usually after 1:30pm) from the Lender.

Please leave a comment or question below if you have found this useful, or if you would like further information.

PEXA Release 13.0.0 & R13.0.1 | 16 January 2021

Saysa — Wed, 13 Jan 2021 02:08:12 GMT

PEXA is pleased to present the following releases, scheduled for business go live 16 January 2021.

PEXA Major Release 13.0.0
PEXA Maintenance Release 13.0.1

Key Highlights for R13.0.0

New document: Survivorship (WA)
Streamlined Transfer documents with OSR requirements (WA)
Remembering your acceptance when settlement time changes (ALL)

Key Highlights for 13.0.1

Distinguish parties with the same name on Dashboard screen (ALL)
Ability to complete lodgement verification prior to stamp duty assessment (SA & NSW)
Search Workspace history activities by user (ALL)

Re: Bank Transfer Checklists (tips) | Help Centre

Kate_Camilleri — Thu, 05 Nov 2020 06:09:35 GMT

Hi Jackio,

Thanks for your post. As per the Transfer Guidelines, Banks are required to provide an indicative payout figure 16 business hours before settlement and a final payout figure by 10am on day of settlement. They receive weekly reporting on how wel they have aligned to this requirement. See here an earlier post by Westpac/St George on why payout figures are updated/finalised on the day of settlement.

Thanks,

Kate.

Re: PEXA Release 13.0.0 | 09 November 2020

Saysa — Thu, 05 Nov 2020 21:29:42 GMT

Hey , I've updated the residual documents for NSW. We are still waiting for confirmation from SA.

EDIT - SA has just confirmed their available dealings and the documents are listed above.

Re: A 10 year milestone for industry

khai — Wed, 04 Nov 2020 15:31:54 GMT

On 16 January 2020, I did a settlement on the Diamond Princess somewhere between Taiwan and Japan, in my cabin room with the ship's wifi! Alleluia ... was the only word that came to mind after the settlement had gone through! We got off the ship on the same day that Covid-19 (flew from Hong Kong to Japan) got on the ship and the rest was history ... after my little PEXA history!

Happy 10th birthday PEXA 👏🍾🥂

Re: Bank Transfer Checklists (tips) | Help Centre

jackio — Tue, 03 Nov 2020 06:30:58 GMT

A helpful tool

However,

Banks used to have to provide payout figures at least 48 hours prior to settlement not by 10am on the day of settlement. This is incredibly frustrating as the principals / partners who are required to sign off on matters are not always available during the time when the banks finally load payout figures and settlement times.

All financial institutions should be able to load information at least 12 - 24 hours prior to settlement to allow timely sign offs of matters

Re: PEXA Release 13.0.0 | 09 November 2020

Saysa — Mon, 02 Nov 2020 04:16:46 GMT

Hi , sorry we're still waiting for confirmation... I'll update this page once it's been confirmed.

Re: Part Tenancy Transfer (SA) | Help Centre

AArace — Mon, 02 Nov 2020 04:08:07 GMT

HI, am I correct that if we sever joint tenancies due to separation then we only act for our client. how do you complete a sever of joint tenancy when we only act for one party? Thanking you in advance

Re: A 10 year milestone for industry

DMc — Mon, 02 Nov 2020 02:12:46 GMT

Wow, that decade flew! Congrats on the milestone!

Re: PEXA Release 13.0.0 | 09 November 2020

Clarkee — Mon, 02 Nov 2020 01:07:11 GMT

Hi Team,

With the Release being implemented this weekend, have the Offices of the Registrar Generals in NSW and SA been able to confirm what batch of residual documents will be activated? Thanking you in advance.

A 10 year milestone for industry

lisadowie — Sun, 01 Nov 2020 20:00:00 GMT

A 10 year milestone for industry

This year, thanks to the collaboration, feedback and leadership of our entire industry, PEXA turns 10.

I’d like to take this opportunity to express my gratitude to each and every one of you, our members. Your contributions throughout this journey have made the property exchange experience what it is today and continue to shape what it will be in the future.

Together, industry has completed more than six million property transactions on PEXA, valued at $1+ trillion – assisting 20,000 families settle their homes online, weekly. Your feedback and collaboration have resulted in close to 4,000 enhancements to the PEXA Exchange platform since 2015 and the creation of additional value-add services for our industry such as PEXA Key, PEXA Plus, PEXA Projects and more.

To celebrate this momentous occasion, we looked back on some of our members’ highlights and notable moments – and what better place to start than at the beginning.

The first transaction

Pioneering digital settlements for our industry, Carolyn Booth, Smart Choice Conveyancing, and Paul Denny, Paul Denny Conveyancing, completed the first electronic transfer transaction on PEXA in 2014. We caught up with Paul and Carolyn to hear their account of this landmark transaction – kick-starting a digital transformation like no other.

A solution for everyone

Our members are incredibly special. Together, we’ve been able to drive change, innovate, and provide opportunities that weren’t possible 10 years ago. And on this journey, we’ve come across some truly remarkable stories. Meet Howard, now into his 80s, a trailblazing Victorian conveyancer, who adapted to the industry’s digitisation and today settles property online, from his own home.

Flexibility and transformation

Our members are at the heart of everything we do. We are always proud to hear how they’re using PEXA to drive positive change. From time to time, we hear stories that stop us in our tracks – stories that are truly remarkable. We wanted to share with you a personal story from Carol Taylor, a practitioner from the Gold Coast. We are so proud to have Carol as one of our members, and fortunate to be part of her extraordinary journey.

Settle from anywhere

Together, we built a world-first prop-tech solution, that has enabled people to ‘settle from anywhere’. That was truly taken to the next level when PEXA member, Mark Blair, decided he would take his laptop and digital certificate to Mount Everest. Hear from Mark as he shares his settlement experience from the skies.

Reliability during life’s unexpected moments

Buying and selling your property are some of life’s biggest moments. Together, we revolutionised the settlement process, providing clarity, security and peace of mind for industry. We asked Frances McCauley at Suncorp to share a unique story with us – how, through the power of technology, she was able to help a 37-week pregnant mother urgently settle her property, all in one day.

Accelerated transformation to digital settlements

And lastly, we wanted to finish on a story that has particular significance in 2020. In the face of a global pandemic, we were able to provide our members with the tools and support to keep their businesses open – to continue to settle property for Australians. We caught up with South Australia’s Ben McDonald from Fentons Conveyancing to hear their story.

We will be sharing these wonderful stories, along with some key industry milestones on our social media channels to showcase these moments that have inspired us over the past decade. We would love for you to share them with your audience and clients and reflect upon what our collaboration together has meant to you.

Once again, thank you.

Kind regards

Lisa

---

Lisa Dowie
Chief Customer Officer

https://www.facebook.com/Property.Exchange.Australia/
https://www.instagram.com/pexa.ltd/
https://www.linkedin.com/company/pexa/

Re: PEXA Release 13.0.0 | 09 November 2020

ThanhHa — Wed, 28 Oct 2020 20:06:08 GMT

Hi ,

Thank you for you questions. Please find responses inline below.

- With auto-accepting settlement time changes, will this still generate a conversation? If so, is there any way to automatically mark it as read? Thanh: The normal conversations will still be generated in this scenario. We will pass this on as a potential update to consider to the team.

- With viewing transfers that are in preparation, will this resolve the issue around mortgages not being able to be signed/having to be recreated once the transfer is ready? Thoughts are it won't, but just thought I would just ask the question

Thanh: This change does not alter this process.

- Is there any ETA on the next batch of residual documents as we will need to assess the impacts of the next batch and I want to ensure there is sufficient time to do so

Thanh: We are unable to share this yet and will confirm as soon as we can. The list of documents for the next batch will be first shared by the Office of the Registrar General in NSW and SA respectively.

triSearch enhances user experience with PEXA API

EmilyCanon_ — Tue, 27 Oct 2020 10:25:01 GMT

At PEXA, we’re dedicated to continuously enhancing the digital experience for our members.

Re: PEXA Release 13.0.0 | 09 November 2020

JackCave — Tue, 27 Oct 2020 02:22:17 GMT

Hi Saysa,

Just a few questions from me on the above release;

- With auto-accepting settlement time changes, will this still generate a conversation? If so, is there any way to automatically mark it as read?

- Is there any ETA on the next batch of residual documents as we will need to assess the impacts of the next batch and I want to ensure there is sufficient time to do so

Re: Updates to PEXA policies and documentation | 19 October 2020

Jarrod_McAleese — Mon, 26 Oct 2020 06:47:17 GMT

Hi ,

The Electronic Conveyancing Group and Law Council of Australia are consulted on behalf of Representative Subscribers, with financial institutions also engaged, in relation to the amendment of PEXA documentation. These changes are solely focused on the obligations of PEXA and its Subscribers and are unrelated to UX, CX or platform enhancements.

Re: Updates to PEXA policies and documentation | 19 October 2020

DMc — Mon, 26 Oct 2020 06:42:16 GMT

Dear

So in short...

Just because an agreement says only-need-to-consult under certain circumstances, doesn't rule out community consultation especially where trying to improve Subscriber, Lender, Practitioner UX, CX, platform, security, etc across the board for ALL.

If that's the aim, just checking if that was done, with anyone or any group?

Make every day count, keep smiling!

Re: Updates to PEXA policies and documentation | 19 October 2020

HeatherC — Mon, 26 Oct 2020 04:23:54 GMT

Hi ,

I think we may have touched on this before - see here for some additional context.

You will note that clause 22 of the Participation Agreement sets out PEXA's consultation obligations with industry bodies, including the AIC.

Hope this helps.

Heather

Interoperability overview and FAQs

Jarrod_McAleese — Sun, 25 Oct 2020 22:47:48 GMT

Digital property settlement is one of Australia’s most innovative success stories. As the first country globally to digitise its property exchange process, we’ve been able to deliver Australians a fast, safe and more efficient property settlement experience.

From a standing start, today more than 70% of all land transactions are completed electronically. PEXA is proud to be helping more than 20,000 families a week settle safely on their homes, in partnership with our members.

The fact that we’re beginning to see new ELNOs emerge within our industry is a strong reflection of the progress that’s been made nationally in transitioning to a digital environment.

The essence of competition is to promote positive consumer outcomes, particularly regarding price, innovation and service. This is completely aligned with our values at PEXA and we’re fully supportive of any market structure that encourages this.

Government and industry stakeholders are currently evaluating next steps in relation to proposed reforms that would require ELNOs to make their systems interoperate with one another in an attempt to promote further competition in the ELNO market.

Below you’ll find some FAQs regarding potential future interoperability within our industry.

How would interoperability work?

Interoperability is an umbrella term for various proposed technical solutions that would link ELNOs’ systems, enabling the preparation and settlement of transactions across multiple platforms.

Proponents of interoperability advocate that it would enable competition by allowing Subscribers (conveyancers, lawyers, or financial institutions) of one ELNO to complete transactions with Subscribers of another ELNO, without having to subscribe to both.

Does PEXA support interoperability?

PEXA supports competition and will support any reforms that foster a competitive dynamic between ELNOs so long as it doesn’t introduce additional risk, cost or complexity for our members and their clients.

Having collaborated with industry for a decade to make e-Conveyancing a reality, we know that our members want to build upon the greater security, efficiency and resilience that digital property settlements enable, and which Australian consumers have come to expect.

We must also ensure that e-Conveyancing continues to have national application, nurtures competition beyond entrenching a duopoly and provides the flexibility for ELNOs to continue innovating and delivering value back to the Australian community.

PEXA is actively participating in industry forums to help inform these discussions and we continue to advocate for a national solution – and an outcome that is best for you.

If it is determined that interoperability is the right solution, without disadvantaging industry members or consumers, PEXA will fully support it.

Is there a timeline for interoperability?

In a Ministerial direction published in September 2020, all states and territories indicated support in principle of a roadmap to introduce interoperability by the end of 2021.

There is still significant regulatory and technical progress to be made before interoperability can be introduced, with more work required to develop the technical models under consideration, the frameworks required to manage any increased risk and associated liability issues that will be introduced and the regulatory amendments that will enable reform.

PEXA will continue to advocate for an outcome that is in the best interests of our members and Australian consumers and will keep members up to date with the latest developments.

How can I find out more about interoperability?

Reach out to us at industry@pexa.com.au and we’ll get back to you as soon as possible.

We’ll continue to communicate with members as new developments arise – we should be able to provide a more detailed update in the near future.

Until then, keep an eye on this page and reach out to us if you have any questions.

Re: Updates to PEXA policies and documentation | 19 October 2020

DMc — Fri, 23 Oct 2020 00:43:06 GMT

Thank you for the marked-up versions.

Am curious to know if any community consultations are conducted before these changes are compiled and announced?

PEXA Property and Mortgage Insights (PMI) report

Jarrod_McAleese — Thu, 22 Oct 2020 04:43:43 GMT

PEXA is uniquely placed to provide timely insights into property and mortgage trends, drawing on data from initial search to final settlement.

By combining timely data on property transactions in the jurisdictions PEXA operates with data and statistics from external sources, we’ve produced our first PEXA Property and Mortgage Insights (PMI) report, covering January to September 2020.

This report can be downloaded from our new hub for property settlement insights and content, PEXA Insights (www.pexa.com.au/insights).

Interested in more from PEXA Insights? Our Pre-Settlement Indicator is a weekly report, outlining trends in imminent sales and refinance settlements. Click here to subscribe to receive this in your inbox, every Monday.

PEXA Key - October 21 App Release | New update postal address checklist

EmilyBilling — Thu, 22 Oct 2020 00:38:03 GMT

Hello,

We've released a new feature for both buyers and sellers using PEXA Key called the "Update your postal address" checklist. We understand that moving house can sometimes be stressful. Remembering all of the big and small things clients have to do before moving can feel overwhelming.

This new checklist supports your clients who are moving. This checklist is now available under the "Checklists" header on the homepage of the app.

The "Update your postal address" checklist feature was developed in response to feedback from buyers and sellers on how else we can support their move. This feature will complement the existing planning your move checklists, what to expect articles, security features and high level settlement tracking.

Updates to PEXA policies and documentation | 19 October 2020

Jarrod_McAleese — Wed, 21 Oct 2020 00:40:27 GMT

Hi Community,

The following documentation has been updated by PEXA:

Participation Agreement
PEXA Subscriber Security policy
PEXA Service Charter
Standard Operating Environment requirements

Clean and marked up versions of these documents are available below.

Regards,

Jarrod

Priority Notice | Help Centre

Saysa — Fri, 16 Oct 2020 02:35:08 GMT

A Priority Notice may be lodged in VIC, NSW and QLD to protect the interest of either an Incoming Proprietor or Incoming Mortgagee in either a PEXA or paper transaction and assist with fraud prevention.

Bank of Queensland | Transfer Checklist

Jarrod_McAleese — Tue, 13 Oct 2020 04:36:13 GMT

Transfer - Sale (Mortgagee on Title)

How to initiate a Sale Request

Please provide or advise the client to complete and send the completed Discharge Authority to BOQ.

Via email: BCSC.PEXAIncomingSetts@boq.com.au.
Attach a copy of the Discharge Authority into the PEXA Workspace when invitation is sent or as soon as possible

Note: Please advise your customers to contact their respective BOQ banker/relationship person to initiate the Release request. The Discharge Authority form must be completed in full and executed correctly.

PEXA Invitation Request

Please ensure the PEXA invitation is sent as early as possible or at least 15 days prior to settlement with Discharge Authority uploaded into PEXA.
Settlement days set shorter than 15 days may impact settlement time.

Accepting Settlement Date/Time

The requested settlement date will not be accepted until the discharge authority has been received and all pre-settlement conditions have been met.

Where documents or pre-settlement conditions have not been received before 5 business days of settlement, BOQ may push the settlement date out.

If the Discharge Authority (DA) is not received by BOQ >5 days out from proposed Settlement, then BOQ will be moved out by another 5 days to allow time for receipt and processing of the request.
If the Discharge Authority (DA) is received earlier and wish to move the date forward, this is to be agreed by both parties.

BOQ Payout Process

Indicative payout figures are provided by BOQ banker/relationship person.
Final Payout Figures are confirmed on the morning of settlement after 10:30am.
Please do not escalate unless final payouts are not in the PEXA workspace post 10:30am the day of settlement.

Surplus Funds

BOQ preference is for the practitioner to manage any surplus funds in PEXA

Transfer - Purchase (Incoming Mortgagee)

How to initiate a Purchase request:

To avoid settlement delays please ensure an invitation request has been sent as soon as possible or at least 15 days prior to settlement and all the relevant customer information is provided up front.

Information required on a PEXA invitation:

When sending an invitation please include as much information about the customer/transaction as possible and as a minimum include the following:

Full name of the customer
Address of property
Application number/reference number

Note: BOQ will accept all invitations by default and will request additional information via a conversation if a customer file cannot be located.

Accepting Settlement Date/Time

Spread equally across the day.

Transfer of Land (TOL)

Please ensure the TOL document is prepared as soon as possible, preferably at the time of workspace creation, or at least 5 business days prior to settlement and must be satisfactory to progress to booking stage.

Funds Available for Settlement

On day of Settlement BOQ will load funds available that BOQ hold to balance against the required Destinations. This amount will include all financed fees applicable to the transaction.

Shortfall of Funds

Shortfall position should be based on funds available vs funds required. Should there be a shortfall or discrepancy the standard shortfall email will be issued to the corresponding BOQ branches.

Settlement Date Acceptance

The requested settlement date will not be accepted until all customer documents have been returned and all pre-settlement conditions have been met. 2 clear business days’ notice required from when workflow is received.

PEXA Release 13.0.0 | 16 January 2021

Saysa — Wed, 13 Jan 2021 02:12:31 GMT

PEXA is pleased to present PEXA Major Release 13.0.0, scheduled for business go live 16 January 2021.

Key Highlights

New document: Survivorship (WA)
Streamlined Transfer documents with OSR requirements (WA)
Remembering your acceptance when settlement time changes (ALL)

Enhanced Settlement Summary workflow

Saysa — Mon, 12 Oct 2020 00:52:05 GMT

Overview

The Enhanced Settlement Summary (ESS) has been redesigned to reduce friction so that you can experience a simpler, more streamlined way to completing the financial settlement schedule.

As part of the redesign, you’ll notice a revamped interface that includes new features and panels. We have also introduced some calculations enabling practitioners and financial institutions to easily enter funds and complete the financial settlement schedule with more accuracy and less dependency. We have also streamlined some tasks to reduce manual data entry.

In this article, we’ve added a new ESS workflow that provides guidance on when financial tasks should be completed, and by which Workspace participant.

Please note, the timeframe in this ESS workflow should be used as a guide as it may be impacted by other factors.

ESS workflow

Steps

General ESS workflow

Five days from settlement

Accept the proposed settlement date and time
Enter & agree on the Balance due to Vendor amount
Assign shortfall responsibility
Enter loan proceeds
Confirm accounts

Three days from settlement

Assign Vendor surplus responsibilities
Enter line items
Complete purchaser funds

One day from settlement

Enter purchaser shortfall amount
Enter final loan payout figure
Complete vendor funds

Day of settlement

Enter vendor surplus funds
Check funds are balanced
Sign Financial Settlement Schedule

1. Accept the proposed settlement date and time

Role: All

All parties are required to accept the settlement date and time.

On the Settlement Summary tab, click Accept Settlement Time.
The settlement status changes from Pending to Accepted.

2. Enter the Balance due to Vendor amount

Role: Proprietor on Title and Incoming Proprietor

The Balance due to Vendor* is an agreed amount (between the Proprietor on Title and Incoming Proprietor) that the vendor will receive from the purchaser. This is calculated by purchase price, minus deposit paid, plus/minus net adjustments.

On the Vendor Funds panel, one proprietor (either the Proprietor on Title and Incoming Proprietor) clicks Add.
The Balance due to Vendor section is highlighted in yellow to indicate that you can edit or update this section.
Type in a Balance due to Vendor amount then click Save.
This Balance due to Vendor status is automatically set to Pending Others until it is confirmed by the responding participant.
After the Balance due to Vendor amount has been entered by a participant, the responding participant can either agree to or edit this amount:
- To agree to this amount, click Confirm on the Balance due to Vendor amount confirmation dialog (if settlement is within 5 days).
- To edit this amount, click Edit and enter another amount.
  This will prompt the first participant to review the updated amount and the Balance due to Vendor status is set to Pending Others until confirmed by the first participant.

3. Assign shortfall responsibility

Role: Incoming Mortgagee

The Incoming Mortgagee specifies who holds an authority to debit the Customer’s account for Purchaser’s Equity (shortfall).

On the Transfer Indicators panel, specify who holds client authority:
- Yes: The Incoming Mortgagee holds client authority.
- No: The Incoming Mortgagee does not hold client authority.
Optionally enter the last four-digits of the account that the shortfall will be drawn from.

4. Enter loan proceeds

Role: Incoming Mortgagee

Enter the loan proceeds in the Sources view of the Financial Settlement Schedule after the loan documents have been received.

5. Confirm accounts

Role: Incoming Mortgagee and Mortgagee on Title

The Financial Institutions participants are required to confirm the shortfall and surplus accounts outside of PEXA:

The Incoming Mortgagees confirms the shortfall account.
For Mortgagees on Title confirms the surplus account.

6. Assign Vendor surplus responsibilities

Role: Proprietor on Title or Mortgagee on Title

On the Transfer Indicators panel, click Assign to me to assign the responsibility for directing the vendor surplus to yourself.

7. Enter line items

Role: Proprietor on Title and Incoming Mortgagee

To enter payment destination line items:

Select the Destinations or Payments and Adjustments tab.
Click Add Destination.
Add destination line items or add adjustments.

To enter source line items:

Select the Sources tab.
Click Add Source.
Add source line items.

8. Complete purchaser funds

Role: Incoming Proprietor

Complete the purchaser funds to determine the Purchaser Funds Required to Settle amount, which is based on the agreed Balance Due to Vendor amount + Purchaser Payment Directions amount.

Depending on who holds client authority for shortfall, the Incoming Proprietor completes the purchaser line items:

Where the Incoming Mortgagee holds client authority for shortfall

On the Purchaser Funds panel, click Ready for shortfall to complete the purchaser line items.
This notifies the Incoming Mortgagee that the Incoming Proprietor has entered their financial line items and the Incoming Mortgagee may now add or update the shortfall amount in their source line items (step 10).

Where the Incoming Mortgagee does not hold client authority for shortfall

On the Purchaser Line Items panel, click Mark as complete to indicate you have completed the purchaser line items.
On the Purchaser Funds panel, click Add as shortfall or Update shortfall to add/edit the shortfall amount.
Upon clicking, you’ll be taken to the Add/Edit Source line item entry where you can review or edit the pre-populated shortfall amount.

When the purchaser’s line items have been completed, the Purchaser funds required to settle will be the amount required by the Incoming Mortgagee.

9. Enter purchaser shortfall amount

Role: Incoming Mortgagee or Incoming Proprietor

Where the Incoming Mortgagee holds client authority for shortfall

Where the Incoming Mortgagee is providing the purchaser’s equity (shortfall), and the Incoming Proprietor has clicked Ready for shortfall, the Incoming Mortgagee may go ahead to confirm the proceeds:

On the Purchaser Funds panel, click Add as shortfall or Update shortfall to add/edit the shortfall amount.
Upon clicking, they’ll be taken to the Add/Edit Source line item entry where they can review or edit the pre-populated shortfall amount.

Where the Incoming Mortgagee does not hold client authority for shortfall

On the Purchaser Funds panel, the Incoming Proprietor clicks Add as shortfall or Update shortfall to add/edit the shortfall amount.
Upon clicking, you’ll be taken to the Add/Edit Source line item entry where you can review or edit the pre-populated shortfall amount.

10. Enter final loan payout figure

Role: Mortgagee on Title

Enter the final loan payout figure in the Destinations view of the Financial Settlement Schedule.

11. Complete vendor funds

Role: Proprietor on Title

Complete the vendor line items where the Mortgagee on Title is directing the surplus funds; otherwise skip to the next step.

On the Vendor Line Items panel, click Ready for surplus.
This indicates to the Mortgagee on Title that the Proprietor on Title has entered their financial line items.

12. Enter vendor surplus funds

Role: Proprietor on Title or Mortgagee on Title

The participant responsible for directing the surplus funds completes this step.

On the Vendor Funds panel, click Add as vendor funds or Update vendor funds.
Upon clicking, they’ll be taken to the Add/Edit Destination line item entry where they can review or edit the pre-populated surplus amount.

13. Check funds are balanced

Role: Proprietor on Title and Incoming Proprietor.

On the Settlement Summary tab, check that the Total Sources and Total Payment Direction amounts are balanced, and the funds balance bar is green.

14. Sign Financial Settlement Schedule

Role: All

On the Settlement Summary screen, select Sign from the Actions cog.
Click Sign.

*The term 'Balance due to Vendor' differs based on your jurisdiction:

NSW—Amount due on Settlement
VIC—Balance due to Vendor
QLD—Balance due to Vendor
SA—Balance due to Vendor by Purchaser
WA—Balance due to effect Settlement
ACT—Amount due to Seller

Re: PEXA's Enhanced Settlement Summary

DMc — Wed, 18 Nov 2020 01:30:59 GMT

I would suggest for the sake of clarity at least for WA terminology... #WATranslation

wrote:
* Note: In this release notes, we’re referencing this amount as the ‘Balance due to Vendor’; however, the terminology differs in each jurisdiction:

NSW—Amount due on Settlement

ACT—Amount due to Seller

VIC—Balance due to Vendor

QLD—Balance due to Vendor

SA—Balance due to Vendor by Purchaser

WA—Balance due to effect Settlement

WA previously used the same terminology as SA i.e. Vendor (for POT) & Purchaser (for IP), but now refer to Seller (for POT) & Buyer (for IP) so most likely use either;

WA —'Balance of Purchase Price' -per 2018 REIWA Joint Form of General Conditions cl. 3.6 or
WA —Balance due to Seller(POT) by Buyer(IP) to Seller Settlement Agent (SSA)

Since the 'Balance due to effect settlement' would be different based on if you are talking to Buyer, Seller, or the Other Settlement Agent.

Cheers for the video.

Re: Withdraw a Caveat | Help Centre

karenm — Wed, 30 Sep 2020 02:02:10 GMT

Is it possible to lodge a NSW Withdrawal of Caveat where the Caveat is only over 1/100 share of the land in NSW?

Enhanced Settlement Summary | Support for banks

Jarrod_McAleese — Mon, 05 Oct 2020 00:38:42 GMT

Hi Community,

Over the past 12 months, PEXA has been developing new functionality to help streamline the completion of financial settlement in the platform.

Since April, banks and practitioners have piloted a new Enhanced Settlement Summary (ESS) – and we’re now excited to be proceeding with a phased deployment of this functionality.

Phase 1: From 12 October 2020 the new ESS will be live in selected Workspaces:

where Workspaces are created in relation to a South Australian property, or;
where the Subscriber has selected to have the new ESS switched on regardless of jurisdiction.

What changes will Phase 1 include for Financial Institutions?

Workspaces with the new ESS switched on, as per the above conditions, will have:

The ability to indicate Yes/No if your organisation is collecting Surplus funds (instead of a conversation and similar to the current indicator for providing Shortfall).
If providing Shortfall or collecting Surplus funds, the ability to access these amounts as calculated by the system and confirmed by the Practitioners (instead of the current "Total Funds Required to Settle" (TFRS) and Conversations).

Phase 2: Deployment to all Workspaces (targeting Feb 2021, with more information to follow when available)

Support

To help ensure a smooth transition, we’re providing a number of resources to support financial institutions and your operational teams.

Attached, you’ll find:

An Incoming Mortgagee help card
A Mortgagee on Title help card

FI webinar

Below you can watch our ESS webinar, run by our Training team.

Please also see below and attached FAQs.

Q: Would the Financial Institution receive a notification via email when practitioners hit the "Ready for shortfall" button?

A: The notification is currently generated on the new task within the Workspace. Email notifications are targeted for a November release.

Q: Will ‘Ready for Shortfall’ and ‘Ready for Surplus’ be included in PEXA Planner?

A: PEXA Planner’s ‘Get to Ready’ dashboard will have additional filters to manage the Ready for Shortfall/Surplus. Date to be confirmed.

Q: Will practitioners be trained to use ‘Ready for Shortfall’ and ‘Ready for Surplus’ buttons and will there be a time frame that they will need to notify Financial Institutions that they are ready for shortfall?

A: There is no set time frame, however, training campaigns including webinars, help cards, PEXA community posts, specifically related to confirmation of shortfall/surplus and timeframes have and will continue to be socialised with the practitioner market.

PEXA is also including interactive help in the workspace for all Subscribers. This will include various pop ups and banners prompting actions to confirm ready for shortfall/surplus prior to day of settlement when possible.

Q: Can the Incoming Mortgagee still load a source line for Lodgement Fees?

A: There is no change to the ability to add any source line items required.

Q: If ‘funds required’ is being auto calculated from figures input, do we anticipate seeing confirmation of shortfall/surplus happening later in the workspace?

Currently practitioners can know the total funds, however, may not have the individual figures to auto-calculate (e.g. stamp duty not assessed). Total funds required to settle can still be manually input.

A: PEXA will monitor this carefully and can make necessary changes if this becomes a new trend of late confirmations. One of the issues right now is the TFRS tends to get changed a few times leading up to settlement. The ESS was designed to provide greater accuracy and confidence in the figures confirmed.

Q: If the practitioner has marked ‘Ready for Shortfall’ or ‘Ready for Surplus’ and not all documents are created, i.e. Mortgage or Discharge, will the shortfall or surplus will not yet be finalised?

A: Correct. This process remains the same. If documents are not created and the lodgement verifications has not run, the fees will not be generated and included in the confirmed amount.

Q: Will loan documents received, be automatically updated when Incoming Mortgagee creates a Mortgage?

A: Correct, there is no change to existing functionality. The loan documents received tick box will be selected once the mortgage has been created.

Q: Is the last 4 digits of the account number shown to all participants in the workspace?

A: The last 4 digits of the account will be displayed and seen by all participants.

Q: On 12 October, will all work in progress in SA workspaces have the Enhanced Settlement Summary (ESS) feature?

From the 12 of October new workspaces in SA will be using the new ESS.

Inflight workspaces settling on or after 26 October will also be transitioned to the ESS.
Inflight workspaces settling between 12 Oct and 26 Oct will remain on the current
view.

Q: If there is a shortfall for MOT, will this also be actioned in the same way that surplus is?

A: If there is a Vendor shortfall i.e. purchase price is less than loan pay out, the ESS calculations will highlight a shortfall.

Re: PEXA Release 12.1.2 | 05 October 2020

Saysa — Mon, 28 Sep 2020 06:55:56 GMT

Hi , no expected outage this weekend

Re: PEXA Release 12.1.2 | 05 October 2020

Clarkee — Mon, 28 Sep 2020 02:18:34 GMT

Hey Team, are you able to confirm if there will be an anticipated outage for the deployment this weekened?

Re: Introducing PEXA Key

MorganConveyancing — Mon, 28 Sep 2020 02:00:28 GMT

Can we send more than one request for funds to be transferred to our trust account?

Julie

Re: Transition from SettleMe to PEXA Key

MorganConveyancing — Mon, 28 Sep 2020 01:58:26 GMT

Hi. Can we send more than one request for proceeds to be transferred to our Trust Account? Thanks

Lodgement and Settlement availability | Monday 5 October public holidays (all states)

Jarrod_McAleese — Mon, 05 Oct 2020 05:34:49 GMT

Hi Community,

Please note the following lodgement and settlement availability for all states on Monday 5 October, with public holidays in New South Wales (Labour Day), South Australia (Labour Day) and Queensland (Queen’s Birthday):

Western Australia

Financial Settlement is available until 1pm AWST
Lodgement is available

New South Wales

Financial Settlement is available until 4pm AEDT
Lodgement is available

Victoria

Financial Settlement is available until 4pm AEDT
Lodgement is available

South Australia

Financial Settlement and lodgement are unavailable

Queensland

Financial Settlement and lodgement are unavailable

Re: Transmission Direct to Beneficiary (NSW) | Help Centre

sharond1 — Wed, 23 Sep 2020 05:03:40 GMT

JLees - yes

Daylights savings in effect from 4 October 2020 | What this means for your settlements

Jarrod_McAleese — Wed, 07 Oct 2020 22:31:56 GMT

Hi Community,

Daylight savings time will resume in New South Wales, Victoria, South Australia and Tasmania from Sunday 4 October 2020.

The following changes will be effective from Tuesday 6 October 2020 until Friday 2 April 2021.

For members in NSW, two additional settlement slots will be made available: 6.00pm and 6.30pm AEDT. Settlements after 5.00pm AEDT will not roll and will need to be re-booked for these times.

In Western Australia, settlement rebooking cut-off time will be at 1.00pm AWST.

Please also be mindful of the 4.00pm cut-off time in Queensland, with the jurisdiction not observing daylight savings time.

If you have any questions, please reach out.

Cheers,

Jarrod

Re: Transmission Direct to Beneficiary (NSW) | Help Centre

JLees — Tue, 22 Sep 2020 00:14:16 GMT

In our matter, there are 2 executors and both are also beneficiaries of the estate. Is one transmission to beneficiary workspace able to be used for both beneficiaries?

Re: Completing a Simultaneous Settlement | Help Centre

PennyR — Fri, 18 Sep 2020 00:11:09 GMT

Hi fgbaxter

No I didn’t get a reply however the solicitors acting on the purchase joined the Workspace as a linked settlement. In the end however the property being purchased was unable to be settled simultaneously as the vendor on my clients’ purchase were not ready on the day.

I have never had to do this in the reverse situation – may be the help desk or your PEXA specialist could be of further assistance.

Cheers Penny

Re: Completing a Simultaneous Settlement | Help Centre

fgbaxter — Thu, 17 Sep 2020 23:12:50 GMT

did you ever get an answer to this? I have the same question!

PEXA Projects (POT) | Release 7.2.0 | 21st September 2020

Saysa — Wed, 16 Sep 2020 00:14:39 GMT

PEXA is pleased to present the release of PEXA Projects 7.2.0 (PoT), scheduled for business go live 21^st Sep 2020.

In this release, we’ve enhanced the Bulk Upload Workspaces tool for subscribers in the role of POT.

PEXA's Enhanced Settlement Summary

Jarrod_McAleese — Tue, 16 Feb 2021 03:00:34 GMT

UPDATE

R13.1.1 Upcoming changes

Please note, this section provides a high-level description of upcoming changes and will be finalised on release date.

New setting to indicate if transaction is a Sale or Purchase

To change this setting, open up a Workspace then navigate to Workspace Settings > Transaction Settings then click Edit.

Ability for Mortgagee on Title to assign surplus handing

Set up surplus handling

Navigate to Administration Tools > Manage Subscriber Details.

Scroll down to the Surplus Handling section and select one option:

Field	Description
Allow me to handle surplus using the “Assign to me” option	The Mortgagee on Title selects this option when they want the ‘assign to me’ feature available for all Workspaces. (Click image to enlarge)
Display a message to other subscribers that I do not normally handle surplus, but retain the option to “Assign to me”	The Mortgagee on Title selects this option when they do not normally handle surplus, however, they may want the option to overwrite this in the Workspace.
I do not wish to handle surplus. Display a message to other subscribers , and remove the option to “Assign to me”	The Mortgagee on Title selects this option when they do not handle surplus in any Workspace. Choosing this option displays the below banner. (Click image to enlarge)

Save the changes.

One of the most critical steps in the settlement process is ensuring the Financial Settlement Schedule (FSS) is balanced and correct, ahead of time. This is one of the biggest contributing factors to a successful on-time settlement.

Leading up to settlement, late adjustments, unbalanced figures and last-minute Workspace conversations can all impact member experience – on both sides of the transaction.

In response to member feedback, we have developed an Enhanced Settlement Summary (ESS) that will provide a more intuitive experience for practitioners and financial institutions. The Financial Settlement Summary will still exist, but a new Summary will assist with the calculations to populate it.

To facilitate a smooth transition, this will be rolled out in stages nationally, across three phases, with the first of these set for a business go-live of Monday 12 October 2020 in South Australia.

Part 1 (South Australia: 12 October 2020 and National: February 2021 – TBC): Launching a new transfer indicator panel, providing improved transparency of key responsibilities in the Workspace for all parties. In addition, the enhancements will deliver a streamlined approach to calculating both Vendor Surplus and Shortfall for the Total Funds Required to settle.
Part 2 (National: TBC): Delivering functionality enabling the Proprietor on Title representative to finalise their entries in the FSS, including the Vendor Surplus, without waiting for the Mortgagee on Title to finalise their loan payout figure.
Part 3 (National: TBC): Providing more clarity regarding purchaser shortfall required for settlement – in matters where the financial institution is responsible.

Below you'll find an overview of the new functionality. Financial institutions, we've curated a support page for you here: https://community.pexa.com.au/t5/Help-Centre/Enhanced-Settlement-Summary-Support-for-banks/ba-p/21168

Functionality overview

Introducing the Enhanced Settlement Summary

The Enhanced Settlement Summary tab has been redesigned to reduce friction so that you can experience a simpler, more streamlined way to completing the financial settlement schedule.

A complete view of settlement funds

One of the notable improvements in the Enhanced Settlement Summary tab is the way the funds are displayed and laid out. There is a clear, side-by-side categorisation and itemised view of funds for both the incoming and outgoing parties, which replicates a balance sheet.

The Enhanced Settlement Summary gives you a complete picture of the purchaser’s and vendor’s funds, all on a single screen. The specific breakdown of funds in each category for each party gives everyone in the Workspace greater transparency on the settlement funds.

Information that is specific to your role will be automatically expanded, whilst items that belong to the other party will be automatically collapsed. To view or hide the itemised funds, you can expand or collapse the panels.

New Transfer Indicators panel

A new Transfer Indicators panel provides a summary view of all key tasks that relate to the financial settlement in the Workspace, giving you greater transparency over key responsibilities for Workspace parties.

The two new features in this panel include the ability to:

View who will be directing the vendor’s surplus funds. Either the Proprietor on Title or Mortgagee on Title can assign responsibility for this task to themselves.
View if the Balance due to Vendor* amount has been agreed by participants in the role of Incoming Proprietor and Proprietor on Title.

* Note: In this release notes, we’re referencing this amount as the ‘Balance due to Vendor’; however, the terminology differs in each jurisdiction:

NSW—Amount due on Settlement
VIC—Balance due to Vendor
QLD—Balance due to Vendor
SA—Balance due to Vendor by Purchaser
WA—Balance due to effect Settlement
ACT—Amount due to Seller

Balance due to Vendor

New to the Enhanced Settlement Summary tab is the mandatory Balance due to Vendor* amount. This is calculated by the purchase price, minus deposit paid, plus/minus net adjustments.

This figure is agreed by both the Proprietor on Title and Incoming Proprietor outside of the PEXA Workspace.

Either participant will have the ability to enter this amount into the PEXA Workspace. Providing the Balance due to Vendor into the Workspace provides PEXA the ability to:

Clearly indicate to all participants the amount of funds available for the Vendor to disburse, and
Use this figure to drive the Purchaser Funds Required to Settlement calculation (previously the Total Funds Required to Settle).

* Note: In this release notes, we’re referencing this amount as the ‘Balance due to Vendor’; however, the terminology differs in each jurisdiction:

NSW—Amount due on Settlement
ACT—Amount due to Seller
VIC—Balance due to Vendor
QLD—Balance due to Vendor
SA—Balance due to Vendor by Purchaser
WA—Balance due to effect Settlement

System calculations

As part of the Enhanced Settlement Summary, PEXA will calculate the vendor’s surplus, purchaser’s shortfall, and purchaser funds required to settle based on the line items entered by all participants and the Balance due to Vendor.

These calculated figures result in a more streamlined experience by providing a consistent way of calculating the vendor’s surplus funds and the funds required to settle by the purchaser.

Vendor’s funds:

Previously, the Mortgagee on Title and Proprietor on Title would initiate a Workspace Conversation where the outgoing Financial Institution was to collect all funds from settlement to confirm the amount to be disbursed. In the Enhanced Settlement Summary, the surplus amount is calculated by the system and agreed by the Practitioner, and the Mortgagee on Title is prompted to add the surplus amount into the Financial Settlement Schedule..
With the Enhanced Settlement Summary, the Unallocated Funds amount represents the remaining funds available to be disbursed to the Vendor. When the Proprietor on Title has completed entry of the Vendor’s line items, the Unallocated Funds calculation provides the Mortgagee on Title a clear indication of the remaining funds available. Once the Mortgagee on Title creates the loan payout(s) required, then the Unallocated Funds will be the amount required to be disbursed to the Vendor’s nominated account.

Purchaser funds required to settle:

Previously, the Incoming Proprietor had to manually calculate the Total Funds Required to Settle and enter this value into the PEXA Workspace.
With the Enhanced Settlement Summary, the Purchaser Funds Required to Settle (previously Total Funds Required to Settle) amount is now calculated by the system as the sum of the Balance Due to Vendor amount + Purchaser Payment Directions amount. When the Incoming Proprietor has completed entry of the Purchaser’s line items, the Purchaser funds required to settle will be the amount required by the Incoming Mortgagee.

Note: The system calculations are only available where there is a single Transfer, no more than one Discharge, and/or no more than one Mortgage in the Lodgement Case. In scenarios where there is more than one Transfer, Discharge, or Mortgage document within the same Workspace, PEXA is unable to determine the nature of the transaction. Therefore, the Incoming Proprietor is required to manually calculate and enter the Total Funds Required to Settlement amount into the Workspace.

Other improvements

Signing Status

The improved Settlement Signing Status panel now clearly shows the signing status of each participant in the Workspace. Adding the signing status provides more meaningful context where dual signatures are required (visible only to the Subscriber who has dual signing enabled).

Completing line items

Participants in the role of Incoming Proprietor are required to click the Ready for shortfall button (where the Incoming Mortgagee is handling shortfall) after they have completed entering their line items. This notifies the Incoming Mortgagee via a task and an on-screen button that they may now enter or update the shortfall amount.

Participants in the role of Proprietor on Title are required to click the Ready for surplus button (where the Mortgagee on Title is handling surplus) after they have completed entering their line items. This notifies the Mortgagee on Title via a task and an on-screen button that they may now enter or update the surplus amount.

Entering shortfall amount

If the Incoming Proprietor is responsible for providing shortfall funds, a button will appear on the Purchaser Funds panel, enabling them to either:

Add as shortfall where the Purchaser’s Equity line item has not been created, or
Update shortfall where an existing Purchaser’s Equity line item already exists.

When they click this button, they’ll be directed to the Add/Edit source line item entry screen with the shortfall amount pre-populated based on the new calculations built by PEXA.

Similarly, if the Incoming Mortgagee is handling shortfall, they will be presented with a task and either button above, after the Incoming Proprietor has clicked Ready for shortfall.

Entering surplus amount

If the Proprietor on Title is responsible for directing the vendor surplus funds, a button will appear on the Vendor Funds panel, enabling them to either:

Add as vendor surplus where the Vendor’s Funds line item has not been created, or
Update vendor surplus where an existing Vendor’s Funds line item already exists.

When they click this button, they’ll be directed to the Add/Edit Destination line item entry screen with the surplus amount pre-populated based on the new calculations built by PEXA.

Similarly, if the Mortgagee on Title is handling surplus funds, they will be presented with a task and either button above, after the Proprietor on Title has clicked Ready for surplus.

More details will come over the coming days, but in the meantime, please visit the Enhanced Settlement Summary site to learn more about this feature or join the pilot group.

Enhanced Settlement Summary workflow

View instructions

Navigating the Enhanced Settlement Summary tab

The Enhanced Settlement Summary tab has been redesigned to reduce friction so that you can experience a simpler, more streamlined way to completing the financial settlement schedule.

Here's a closer look:

New icons have been added to make it easier for you to visually ascertain the status of the financial settlement schedule.
Information that is specific to your role is automatically expanded, whilst items that belong to the other party are automatically collapsed so you can focus on your tasks.
Tasks that are applicable to your role are highlighted in yellow to draw attention to what's relevant to you.

1. Funds balance bar

A new bar with a visual indicator enabling you to quickly see if the purchaser’s and vendor’s funds are balanced.

2. Transfer Indicators panel

A new panel showing a summary of key indicators that relate to the financial settlement in the Workspace, giving you greater transparency over key responsibilities for Workspace participants.

3. Purchaser summary column

A new column showing the amounts payable by the purchaser. It shows all purchaser related line items on one screen and comprises of two panels:

3a—Purchaser Funds: Shows a high-level breakdown of funds required from the purchaser to settle the transaction.
3b—Purchaser Line Items: Shows a detailed breakdown of the purchaser’s funds.

4. Vendor summary column

A new column showing the amounts payable by the vendor. It shows all vendor related line items on one screen and comprises of two panels:

4a—Vendor Funds: Shows a high-level breakdown of funds required from the vendor to settle the transaction.
4b—Vendor Line Items: Shows a detailed breakdown of the vendor’s funds.

5. Stamp Duty panel

The Stamp Duty panel (or Transfer Duty panel in QLD and WA) shows the stamp duty status within the Workspace.

Note: This panel does not display in an ACT Workspace as Stamp Duty is not applicable in ACT.

6. Settlement Signing Status

An improved settlement signing panel that incorporates new icons to show the signing status of each participant in the Workspace.

FUNDS BALANCE bar

A new bar giving you a quick visual indicator of the purchaser’s and vendor’s balance of funds.

Funds balance bar

These figures in this bar represent the sum of the Sources and the Payment Directions, based on the line items entered for Sources and Destinations/Adjustments and Payments. When the funds are balanced, the bar will turn green.

Print function (NEW)

A new function enabling you to conveniently print the settlement summary so you can share it with your client as a document. Details such as key Workspace data and an outline of the purchaser and vendor funds are included in the document; whilst the Stamp Duty and Settlement Signing Status panels are excluded from the printed document.

TRANSFER INDICATORS PANEL

This new panel shows key indicators that relate to the financial settlement in the Workspace, giving you greater transparency over key responsibilities for Workspace participants.

a. Indicates if loan documents have been received

The Incoming Mortgagee indicates if they have received the loan documents.

b. Identifies who is providing the shortfall

The Incoming Mortgagee selects who will be responsible for providing the shortfall amount.

c. Displays the last four digits of the purchaser's account

As an identifier, the last four digits of the purchaser’s account is displayed. Entering the last four digits is optional and the FSS can be saved without this information.

d. Indicates if discharge authority has been received

The Mortgagee on Title indicates if they have received the discharge authority.

e. Identifies who is directing the vendor surplus (NEW)

The Mortgagee on Title or Proprietor on Title assigns responsibility for who will be directing the vendor surplus. Either participant can assign responsibility of this task to themselves.

f. Displays the Balance due to Vendor status (NEW)

Shows the status of the Balance due to Vendor* amount.

Pending – No amount has been entered (default status).
Pending Others – An amount has been entered by the Incoming Proprietors or Proprietors on Title in the Workspace but has not been confirmed by all Incoming Proprietors and Proprietors on Title.
Note: This status is displayed to participants in the role of Incoming Mortgagee or Mortgagee on Title as they are not required to action this task.
Agreed – The amount entered has been confirmed by all Incoming Proprietor and Proprietor on Title participants either via a confirmation dialog in the Workspace or by signing the financial settlement schedule.

*This terminology differs based on your jurisdiction:

NSW—Amount due on Settlement
VIC—Balance due to Vendor
QLD—Balance due to Vendor
SA—Balance due to Vendor by Purchaser
WA—Balance due to effect Settlement
ACT—Amount due to Seller

PURCHASER summary column

The Purchaser Summary column is new to the Enhanced Settlement Summary and shows the amounts payable by the purchaser; as line items are added or edited and saved, this panel is updated upon refreshing the page. This column consists of two panels: Purchaser Funds and Purchaser Line Items, and will auto-expand for participants in the role of Incoming Proprietor or Incoming Mortgagee.

Purchaser Summary column

Purchaser Funds

Displays a high-level breakdown of funds required from the purchaser to settle the transaction. These amounts are calculated based on the line items and the Balance due to vendor entered.

Balance due to Vendor
An agreed amount (between the Proprietor on Title and Incoming Proprietor) that the vendor will receive from the purchaser. This is calculated by purchase price, minus deposit paid, plus/minus net adjustments. This amount is entered by either the Proprietor on Title or Incoming Proprietor.
Purchaser Payment Directions
This amount represents the sum of destinations/disbursements.
Purchaser funds required to settle
The amount required by the Incoming Mortgagee for settlement. Previously known as the ‘Total funds required to settle’, this amount is now calculated by the system as a sum of the Balance due to Vendor amount + Purchaser Payment Directions amount.
Incoming Mortgagee Sources
The funds disbursed by the Incoming Mortgagee, such as a loan proceeds.

Purchaser Line Items

Displays a detailed breakdown of the purchaser’s funds, as per line items entered in the Sources and Destinations/Payments and Adjustments tabs.

Buttons on the purchaser's panels

Depending on who is assigned responsibility for providing the shortfall funds, the buttons available on these panels will vary according to your role.

Incoming Proprietor is responsible for providing shortfall

This view displays to participants in the role of Incoming Proprietor if they are responsible for providing the shortfall.

In this scenario, the Incoming Proprietor:

Clicks Mark as Complete (1) after they have completed entering all their line items.
Clicks on Add as shortfall (2) and they will be directed to the Add/Edit Source line item entry screen with the shortfall amount pre-populated based on the new calculations built by PEXA.
Note: If the Incoming Proprietor has previously entered a shortfall amount and source amounts changes, they will see an Update shortfall button here instead.

Incoming Mortgagee is responsible for providing shortfall

This view displays to participants in the role of Incoming Proprietor if the Incoming Mortgagee is responsible for providing the shortfall.

In this scenario, the Incoming Proprietor clicks the Ready for shortfall button to finalise entering their line items. This notifies the Incoming Mortgagee that they may now enter or update the shortfall amount.

Incoming Mortgagee is responsible for providing shortfall

This view displays to participants in the role of Incoming Mortgagee if they are responsible for providing the shortfall.

In this scenario, the Add as shortfall button displays to the Incoming Mortgagee after the Incoming Proprietor finalises their line items and has clicked Ready for Shortfall. The Incoming Mortgagee clicks the Add as shortfall button to enter or update the shortfall amount.

VENDOR summary column

The Vendor Summary column is new to the Enhanced Settlement Summary and shows the amounts payable by the vendor; as line items are added or edited and saved, this panel is updated upon refreshing the page. This column consists of two panels: Vendor Funds and Vendor Line Items and will auto-expand for participants in the role of Proprietor on Title or Mortgagee on Title.

Vendor Summary column

Vendor Funds

Displays a high-level breakdown of funds required from the vendor to settle the transaction.

Balance due to Vendor
An agreed amount (between the Proprietor on Title and Incoming Proprietor) that the vendor will receive from the purchaser. This is calculated by purchase price, minus deposit paid, plus/minus net adjustments. This amount is entered by either the Proprietor on Title or Incoming Proprietor.
Proprietor on Title Destinations
This amount represents the sum of destinations/disbursements.

Mortgagee on Title Destinations
This amount represents the funds disbursed by the Mortgagee on Title, such as a loan payout.

Vendor Line Items

Displays a detailed breakdown of the vendor's funds, as per line items entered in the Sources and Destinations/Adjustments tabs. The destination amounts here are used to calculate the Unallocated Funds on the Vendor Funds panel.

Buttons on the vendor's panels

Depending on who is directing the vendor surplus, the available buttons available on these panels will vary according to your role.

Proprietor on Title is responsible for directing vendor surplus

This view displays to participants in the role of Proprietor on Title if they are responsible for directing the vendor surplus.

In this scenario, the Proprietor on Title clicks on Add as vendor surplus and they will be directed to the Add/Edit Destination line item entry screen with the surplus amount pre-populated based on the new calculations built by PEXA.

NOTE: If the line items are updated and the surplus amount changes, this button changes to 'Update vendor surplus'.

Mortgagee on Title is responsible for directing vendor surplus

This view displays to participants in the role of Proprietor on Title if the Mortgagee on Title is responsible for directing the vendor surplus.

In this scenario, the Proprietor on Title clicks on Ready for surplus to finalise entering their line items. This notifies the Mortgagee on Title (via a task and an on-screen button) that they may now enter or update the surplus amount.

Mortgagee on Title is responsible for directing vendor surplus

This view displays to participants in the role of Mortgagee on Title if they are responsible for directing the vendor surplus.

In this scenario, the Add as vendor surplus button displays to the Mortgagee on Title after the Proprietor on Title has finalised their line items and clicked Ready for surplus. The Mortgagee on Title clicks the Add as vendor surplus button to enter or update the surplus amount.

Note: If a surplus amount has already been entered, the Mortgagee on Title will see an Update vendor surplus button here instead.

STAMP DUTY PANEL

The Stamp Duty panel (or Transfer Duty panel in QLD and WA) shows the stamp duty verification and assessment status.

The Stamp Duty panel remains unchanged and displays the following information:

Document ID

A unique ID generated by PEXA for the Transfer document in the Workspace.

Verification Status

The duty amount payable has been verified to be correct via a stamp duty verification process in PEXA. The possible statuses are Successful or Unsuccessful.

OSR status advice

The status of the Stamp Duty case in the Revenue Office system.

Duty amount payable

The amount of duty payable for the property.

SETTLEMENT SIGNING STATUS

The Settlement Statement Signing panel has been improved to include new icons to visually indicate the signing status of each participant in the Workspace. This provides more meaningful context where dual signatures are required (visible only to the Subscriber who has dual signing enabled).

New icons

New icons have been added allowing you to visually ascertain a participant's signing status. When a participant successfully signs the financial settlement schedule, the icons for that participant turns green and a time stamp of when they signed will be recorded in the Date and time column.

FAQs

Why is PEXA revamping the Financial Settlement Schedule (FSS)?: PEXA is committed to continuously enhancing member experience – with your feedback playing a key role in driving our technical prioritisation.
Member feedback has indicated that the FSS is an area the network has wanted to see us innovate and streamline for some time now.
Ultimately, by delivering an Enhanced Settlement Summary to the network, our aim is to enable you to complete your required tasks on the day of settlement, without relying on other Workspace parties to first complete theirs – eliminating interdependencies and encouraging timely settlements.

Which PEXA members will see the ESS from 12 October?: The Enhanced Settlement Summary will be switched on for all South Australian members on 12 October, as part of a gradual, national roll-out plan over the coming months, to help ensure a smooth transition for industry.
The ESS will apply to any Workspaces opened related to a South Australian property.
We have been piloting Part 1 of the new Enhanced Settlement Summary with practitioners, panel law firms and financial institutions over the last six months and have refined the functionality in line with their feedback.
Feedback has been positive, with peers noting the new view assists with getting the Workspace ‘Ready Ready’ more easily.

Can other members opt in?: Yes, members from other jurisdictions are able to opt in to have the new view activated. Please reach out to a member of the PEXA team should you wish to do so and we’ll kindly assist.

What is PEXA doing to support members through this change?: We recognise this is a significant change to your PEXA experience. As such, we’ve developed an extensive suite of learning resources to help you navigate this change. Information on the rollout can be found here: https://www.pexa.com.au/sites/ess.
Full Release Notes on Part 1 can be found here: https://community.pexa.com.au/t5/PEXA-Product-Releases/PEXA-Release-12-1-2-05-October-2020/ba-p/20967#ess.
Further material (help cards etc) can be found here: https://community.pexa.com.au/t5/Help-Centre/PEXA-s-Enhanced-Settlement-Schedule/ba-p/20958.
From 23 September, our Training team will hold 7 South Australian webinars for practitioners and 2 individual webinars for financial institutions on the Enhanced Settlement Summary to ensure all members have an opportunity to see a live demonstration of the functionality and ask their questions to the experts.
Sessions will continue to be delivered by the team, as well as our PEXA Partners, in the months ahead.
In addition, as always, our PEXA Partner team and Member Support Centre are here to support you.
Sessions will be held in the different states as we roll out ESS nationally.

What are the benefits of this for practitioners?: As an Incoming Proprietor representative, practitioners will benefit from not having to calculate and enter the Total Funds Required to Settle (TFRS), have better co-ordination with the Incoming Mortgagee, see a reduction in keying of data and have less reliance on conversations to clarify responsibilities.
Where the Incoming Mortgagee is responsible for providing all funds, practitioners can generate a task to the bank to finalise their source funds required for settlement when they’ve completed entry of your line items.
Similarly, when acting for the Proprietor on Title, practitioners will have more visibility over key responsibilities in the Workspace and will also benefit from the system calculations for the Vendor Surplus line items. This should reduce the number of conversations with the client’s bank in the Workspace.
Where the Mortgagee on Title is responsible for the Vendor’s surplus, practitioners can generate a task to the bank to finalise the Vendor’s funds when they’ve completed entry of your line items.

What are the benefits of this for financial institutions?: Financial institutions will see a reduction in errors and more Workspace clarity, in addition to greater certainty over the final settlement figures, reduced reliance on conversations and greater visibility of the status of the completion of the FSS.

What changes are being made?

Part 1 (South Australia: 12 October 2020 and National: February 2021 – TBC): Launching a new transfer indicator panel, providing improved transparency of key responsibilities in the Workspace for all parties. In addition, the enhancements will deliver a streamlined approach to calculating both Vendor Surplus and Shortfall for the Total Funds Required to settle.
Part 2 (National: February 2021 – TBC): Delivering functionality enabling the Proprietor on Title representative to finalise their entries in the FSS, including the Vendor Surplus, without waiting for the Mortgagee on Title to finalise their loan payout figure.
Part 3 (TBC): Providing more clarity regarding purchaser shortfall required for settlement – in matters where the financial institution is responsible.
For more detailed information and screenshots of Part 1, refer to our Release 12.1.2 notes: https://community.pexa.com.au/t5/PEXA-Product-Releases/PEXA-Release-12-1-2-05-October-2020/ba-p/20967#ess.

What happens if my Workspace is uploaded via PEXA Projects?: The Proprietor on Title does not need to enter or sign off on the Balance Due to Vendor. The Incoming Proprietor will be expected to enter this figure to drive the ‘Total Funds Required to Settle’ calculation, especially where the Incoming Mortgagee is handling shortfall funds. The ‘Ready for Surplus’ button will still be available for the Proprietor on Title to click (on a per workspace basis), however as the POT is usually in control of directing their own funds, then this shouldn’t be an issue.

Why is this being delivered in stages?: As with any change, we want to ensure the process causes minimal disruption to your organisation’s day-to-day operations. By rolling this out in stages, we hope this will make the changes as seamless as possible and enable us to quickly implement additional feedback from the network.

Re: Introducing PEXA Planner

Saysa — Fri, 11 Sep 2020 03:30:54 GMT

PEXA Planner Release 3.1

PEXA is pleased to present PEXA Planner Release 3.1, scheduled for business go-live on 10 September 2020.

In this release, PEXA has made several enhancements to the Get to Ready dashboard.

Feature updates

Renamed a task on the task filter
Updated filter logic where a Consent exists (NSW only)
Signing the financial settlement as the Incoming Mortgagee

Renamed a task on the task filter

On the Get to Ready dashboard, we have renamed a task relevant for a MORTGAGEE ON TITLE. What was previously labelled as Sign discharge document has now been renamed to Sign PEXA documents.

New filter–Transfer document status

We have updated the filtering logic for the Transfer document status filter on the Get to Ready dashboard. This change is applicable to NSW Workspaces where a Consent document exists.

Previously, in a Workspace where a Transfer document had just been created and a Consent exists, the Transfer document status in PEXA Planner was In Preparation. We have updated the logic so that the Transfer document status is now Prepared, which will allow users to identify when both the Discharge and Consent documents are ready to be signed.

This doesn’t affect other jurisdictions, whose Transfer document status will still be In Preparation.

Signing the financial settlement as the Incoming Mortgagee

Loan Proceeds has been added as a condition for the Incoming Mortgagee being able to sign the Financial Settlement Schedule (FSS) on Get to Ready dashboard.

Currently the conditions that must be met are:

The pay-out figure has been entered into the FSS.
All Transfer, Discharge, and Mortgage documents status are at minimum in Prepared status (if created).

In this release, we have added a third condition that governs this filter:

Loan proceeds has been added as a line item in the FSS.

When all three conditions are met, the Workspace will be listed on the Get to Ready dashboard.

Re: PEXA Release 12.1.1 | 07 September 2020

ThanhHa — Thu, 10 Sep 2020 22:18:13 GMT

NSWLRS's announcement on these documents can be found here.

Guides to these document and are available here.

Re: PEXA Release 12.1.2 | 05 October 2020

Saysa — Wed, 09 Sep 2020 22:35:23 GMT

Hi,

We're rolling out the new FSS in phases so it's not too late the join the pilot Someone from PEXA will reach out to you shortly.

As for screenshots, we're working on this at the moment and will post something up soon. In the meantime, please check out the Enhanced Settlement Summary site, which has some more details about the rollout.

Re: PEXA Release 12.1.2 | 05 October 2020

Clarkee — Wed, 09 Sep 2020 21:46:10 GMT

Thank for the link!

There is a bit of a disconnect when the Release is going in for the 5th Oct and the update will be made available on the 12th Oct to subscribers, which is a short lead time to pilot.

Re: Reduced settlement hours | NSW Bank Holiday, 3 August 2020

Jodietai — Wed, 09 Sep 2020 11:48:57 GMT

Just confirming NSW Labour Day is on Monday 5th October, as daylight savings commences the day before, WA have until 1:00pm to complete a financial settlement lodgement meaning the workspace is required to be signed by all parties then progressed to a ready status prior to 1:00pm?

Thank you

Re: PEXA Release 12.1.2 | 05 October 2020

DMc — Wed, 09 Sep 2020 08:25:38 GMT

no screenshots, but call for pilots but maybe check out https://youtu.be/3W1LAOd75L4

Re: PEXA Release 12.1.2 | 05 October 2020

Clarkee — Wed, 09 Sep 2020 08:18:49 GMT

Hey Team,

Will there be screen shots provided for the Other Improvements, such as "Add as Vendor's Surplus", etc?

Re: PEXA Release 12.1.2 | 05 October 2020

DMc — Wed, 09 Sep 2020 08:20:04 GMT

Looks Great! Where can we join the pilot?

in WA was it meant to read the 'balance of Buyer funds to Seller'?

rather than;

WA—Balance due to effect Settlement

PEXA Release 12.1.2 | 05 October 2020

Saysa — Mon, 28 Sep 2020 06:53:10 GMT

PEXA is pleased to present a maintenance release of the PEXA Exchange, Release 12.1.2, scheduled for business go live 05 October 2020.

Key Highlights

Introducing the Enhanced Settlement Summary (SA)
Land Title address lookup (ALL)
Capturing feedback from our Financial Institution members

Re: What happens at Settlement?

DMc — Wed, 02 Sep 2020 08:16:49 GMT

Thanks

Just a note for anyone unsure and to clear things up – once Financial Settlement has moved to Settled, Financial Settlement has been successfully and irrevocably completed.

That explains why an e-Settlement with Linked e-Settlement, Proceeds to Settled before Lodgment proceeds past Ready and sends Settled Notifications out too!

All blog posts in The e-conveyancing Community

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