on 12-11-2018 05:37 PM
Why is it that the PEXA exemption doesn't apply to a purchase settlement where the sale can't be settled in PEXA?? Surely I can't be the only one caught up in this? The sale can't settle in PEXA (for reasons far too convoluted for this forum - just trust me, it can't). However, the purchase (apparently) MUST settle in PEXA as it doesn't fit within any of the exclusions. So, the client has to settle their sale in paper then wait several (homeless) days until the funds clear into the PEXA workspace to settle their purchase; paying accommodation and/or penalties all the while.
on 13-11-2018 04:07 PM
Please private message me @GeorgePolus details of the transaction and I will do all I can to assist.
Apologies, but I do not understand the root cause of the issue from the message you left on Community ,
Please note however that I am interstate today and will be off line in 20 mins from now.
If you need immediate assistance please call the support desk.
on 15-11-2018 02:22 PM
@GeorgePolus this is where the sale can't take place in PEXA but the purchase MUST as the purchase doesn't fit within an exclusion. So we have a paper sale settling on Friday (with bank cheques) then have to wait several days for the funds to clear into PEXA for the purchase settlement. So we have a vendor homeless for several days AND paying penalty interest!
on 20-11-2018 10:08 AM
I have spoken with senior representatives from Land Use VIC who have advised as follows:
‘It is the responsibility of the practitioner to make arrangements to have cleared funds made available from the paper settlement to complete the PEXA transaction. These are matters of a financial nature that once known should be communicated with the financial institution concerned to establish an outcome that allows all transactions to be completed in the most efficient manner.'
If you have further commentary on the matter, please contact me @GeorgePolus via community.