During the upcoming Christmas, Boxing Day and New Year’s Day 2019 public holidays, financial settlement will not be available. However, Lodgement will still be available in Victoria and New South Wales.
A little reminder: When workspaces are linked for Simultaneous Settlement, TAC (Title Activity Check) is being triggered prior to sourcing (5 mins after settlement occurs). This means if something is lodged on the title within any linked workspace, within an hour of settlement and even if a workspace is Ready Ready – it will roll over by 30 minutes until the positive TAC is proceeded with.
With PEXA Release 9 going live on Monday 5 November 2018, the Service Charter, Participation Agreement and Standard Operating Environment Requirements will be updated. You can access clean and marked up versions of these documents via the links and attachments below.
WA-based practice management system, ContactsLaw, has integrated with PEXA. This means that PEXA activities can be completed from within the ContactsLaw software.
The enhancement provides users with a more efficient experience. Information from Contactslaw is automatically sent through to PEXA, removing the need for additional data entry.
Bradley Smith, the Software Development Manager of Contactslaw said the feedback has been positive, “Users find that being able to view and accept workspace invitations through ContactsLaw saves a lot of time.”
December 2018 signals the introduction of mandated electronic lodgement of transfers in WA, and Contactslaw believe the integration will make a significant impact for their users. Bradley said, “As the volume of PEXA settlements increases, so too will the time and cost savings delivered by the software.”
What is integration?
Integration enables your system to communicate directly with the PEXA platform - automatically sending information from your software to PEXA. This reduces the need to manually re-enter data into PEXA. To integrate, a technology communication method called API (Application Programming Interface) is utilised.
With theWestern Australian1 December 2018mandate just around the corner, the Training Team is offering freeTransfer webinars to ensure you can confidently make the transition from paper to electronic conveyancing. The Team will be running multiple sessions showing you how to complete a 4 party transfer from the perspective of both a Proprietor on Title (Seller) and an Incoming Proprietor (Buyer) as well as lodging and withdrawing a caveat.
Registrants may be able to claim one CPD point for their attendance.
REGISTER FOR THEWEBINARS BYCLICKING ON THE LINKSBELOW:
Hi Community, The Reserve Bank of Australia have provided the following update:
"This morning the RBA experienced an issue with the supply of power to its Head Office Data Centre. As a result both RITS and FSS services are still currently unavailable.The RBA is working to restore these services to its secondary site. An ETA is not currently available".
If your Workspace(s) has commenced settling it might remain in a status of 'Settling' for longer than usual.
Workspaces are still expected to settle today, please continue to check your Workspace until it's resolved.
We’ve launched a new Help feature which will provide you with easy access to our Help articles and videos. This is based on your feedback to have in-platform help and to avoid clicking between two screens. If you are currently logged into PEXA, please log out and back in to view this feature.
To access this new feature, click on the Help icon located to the right of the screen.
A Help slide out will appear and allow you to search for content or navigate through the topics.
The video content will appear within the slide out. You can maximise this by clicking on the full screen button on the bottom of the slide out.
Over the coming weeks we’ll be adding guided help to this slide out which will walk you through completing your transactions and managing your PEXA account.
We’re keen to hear your feedback so we can continue to enhance the help feature! You can share your feedback below this post, or by sending me a private message.
We're rolling out new help features to the PEXA platform!
You can now access Community from the PEXA platform through the orange help button located at the top right:
Soon we'll be introducing guided help to the PEXA platform too, keep an eye out in the next few weeks!
PEXA Guided Help provides on-demand assistance that walks you through how to complete certain tasks in PEXA. It promotes self-service by enabling you to turn on guided help when you need it and turn it off when you don’t. The integration of WalkMe with the PEXA Platform means guidance is delivered through one interface, so you don’t have to navigate away from the PEXA Platform to search for help. You won’t need to download or install additional add-ons because WalkMe is supported on all browsers.
When it arrives, to turn on guided help, simply click on the guided help widget, then search for the content you’d like help on. PEXA Guided Help assists by providing:
Tooltips – Hover over a button to view contextual help.
WalkThrus – Receive step-by-step guidance on how to complete tasks in PEXA.
Search help widget – Search for help content via a slide out search widget.
We’ve prepared a list of the most commonly asked questions relating to the PEXA Residential Seller Guarantee. Can’t find the information you’re looking for? Reply to this post and we’ll get back to you.
PEXA has introduced the PEXA Residential Seller Guarantee (PRSG) to provide protection to sellers of residential property in the event of certain kinds of fraud. Where the PRSG applies, the seller has the option to make a claim against PEXA, rather than seeking to recover the loss by an alternative means
PEXA understands that buying and selling a home is an emotional time for your customers and we appreciate the stress that can be felt when things don’t go to plan. We’ve listened to you and we’re committed to those who use our platform and the clients you represent.
As your digital property exchange platform, we understand the role we play in maintaining the security of the network. Accordingly, the PRSG has been introduced to provide protection to sellers in the event of certain kinds of fraud.
The PRSG only applies in respect of the sale of residential property. The following circumstances must also be satisfied:
(a) The seller provided the seller’s practitioner with payment instructions (i.e. bank account details).
(b) The seller’s practitioner accurately entered those bank account details into the PEXA platform.
(c) After (b) a fraudster gained access to the PEXA platform and changed those bank account details.
(d) After (c) the practitioner approved the settlement (including the changed bank account details) by digitally signing the financial settlement schedule by applying their personal digital certificate and PIN.
(e) Upon settlement, the relevant funds were paid into the fraudster’s bank account, and not to the seller’s bank account.
(f) Within 3 business days of settlement (or such longer period as PEXA in its absolute discretion will allow), both the seller and the seller’s practitioner signed and lodged the PEXA claim form with PEXA. This form can be found here.
If any of those circumstances do not exist, then the PRSG will not apply.
The PRSG does not cover the situation in which the seller’s instructions were intercepted, with the result that the practitioner entered the fraudster’s bank account details into the PEXA platform. Email is not necessarily a secure method of communication, therefore practitioners should confirm all account details by some other means of communication.
The seller will need to complete and sign the Claim Form. The seller’s practitioner is also required to sign the Claim Form as it contains warranties that are intended to confirm the existence of the set of circumstances required for application of the PRSG. The Claim Form must be received by PEXA within 3 business days of settlement (or such longer period as PEXA in its absolute discretion will allow).
The claim form can be found here. The Claim Form can be submitted to PEXA by email to firstname.lastname@example.org.
The PRSG does not apply where the seller is a commercial vendor, such as a developer. The reason for this is that a commercial vendor will not be made homeless as a result of a fraud which the PRSG is intended to cover. Also commercial vendors are carrying on a business and should be better able to protect themselves vis-à-vis their practitioner compared to a non-commercial seller.
Furthermore, the PRSG does not apply where a mortgagee or other third party is exercising a power of sale (ie. ATO, confiscation orders, sheriff etc.). Again, a mortgagee or third party exercising a power of sale will not be made homeless as a result of a fraud which the PRSG is intended to cover. Payments in these cases will not generally be paid directly to the proprietor.
The maximum liability of PEXA under the PRSG is $2 million in respect of a single settlement.
Assuming all the conditions are satisifed and subject to the $2 million cap, PEXA will pay the following:
(a) The amount of the “vendor’s funds” paid to the fraudster’s bank account which have not been recovered, returned or frozen by the receiving bank at the time the payment is made by PEXA;
(b) Interest on that amount from the date of settlement until the date of payment by PEXA payable at the published RBA cash rate; and
(c) Where the fraud has resulted in the seller failing to settle on a purchase of another residential property on the due date, rescission notice fees, reasonable accommodation expenses, penalty interest, reasonable legal costs and additional storage and removalist costs.
If your loss is greater than $2 million, your client should carefully consider whether to make a claim under the PRSG, or whether instead to take steps to recover their loss by some other means. If your client makes a claim under the PRSG, PEXA will have certain rights. In particular, PEXA will have the right (to the exclusion of your client) to take action in your client’s name to recover the loss and may compromise or settle any such action on such terms as PEXA sees fit. Accordingly, unless PEXA agrees otherwise, you are not entitled to take action to recover the amount of your loss above $2 million.
Moreover, if PEXA recovers any amount after making a payment under the PRSG, PEXA is entitled to retain the amount so recovered up to the sum of:
(a) the amount paid by PEXA under the PEXA Residential Seller Guarantee;
(b) plus any interest recovered on that amount;
(c) plus an amount equal to any costs (including without limitation administrative, recovery agent, funding and legal costs) which PEXA has incurred in taking any recovery action, before paying the excess (if any) to your client. This could mean that your client recovers less in aggregate than your client’s total loss.