on 20-11-2017 04:44 PM - last edited on 04-07-2019 03:46 PM by NancyMadafferi
Getting your settlement to a READY READY status involves correctly completing all of your client details, documents and financial details.
Use the below as a check point to help you identify why your settlement may not be in a Ready Ready state and to help you identify if all of the tasks for your transaction have been completed.
For further information on completing a Transfer please see the following article
If not all the parties have been represented create a 'Conversation' or get in touch with the relevant party to prompt them to complete this task or Invite the participant to join the workspace.
This indicates that the participant details are incomplete - edit the participant or ask the relevant party to edit their participant.
If not, create the document or start a conversation with the relevant participant to create their document.
This Indicates that there is information missing from the document. Edit the document, fill out all the required information and select 'Save'.
NOTE: In NSW, QLD, WA and SA your Transfer document will not move to a Status of 'Prepared' until the Stamp Duty has been completed.
Select the word Unsuccessful - the screen will expand and the error from the Land Registry will be visible -now you can understand why you have an error and what needs to be updated. Once the issue has been fixed ensure any documents with a status of 'In Preparation' are edited and saved. This will re-trigger Lodgement Verification (this is the communication between PEXA and the Land Registry) and bring your documents to a status of 'Prepared' and the Document Verification Result of 'Successful'.
Check the Signatures column in the Documents Screen. This will indicate how many signatures are required on each document and if the document owners have signed. For further information on who has signed, select the signature column for that document, the screen will expand and give you further details.
This is viewable under the Settlement tab.
- 'Accepted' indicates all parties have accepted the date and time.
- 'Pending Others' indicates not everyone has accepted. Select the word 'Pending Others' to identify who has not accepted the settlement date and time.
- Not Accepted indicates you have not accepted the settlement date and time
There are three tabs along the top of this screen:
Do the $ values displayed the 'Source Funds' and 'Adjustments and Payments' balance? - a settlement will not execute in PEXA unless these are balanced.
If the amounts are not balanced you will need to identify the error by ensuring all destinations line items are correct and all have been added. You will also need to ensure that the Vendors funds have been reduced by the amounts owed by the vendor including their conveyancing fee and PEXA Service fee.
Further information on getting your source funds to ready can be found here.
To determine who has signed the Financial Settlement schedule, scroll to the bottom of the Settlement Summary tab.
If yes, have the incoming parties accepted settlement execution and selected “Proceed with Settlement”? Further information can be found here
Hints and Tips
on 21-11-2017 06:46 PM
Getting your settlement READY READY involves correctly completing sections that must be aligned and signed off by all users. Below is a list and screen shots of each section that must be completed to get your settlement READY READY. The following link will take you to instructions on how to compleat all these sections: https://community.pexa.com.au/t5/Help-Centre/Transfer-Help-Centre-Articles/ba-p/944
1. Are all the documents created?
2. Are all the documents signed by everyone?
Financial Settlement Schedule
3. Has everyone signed off on the financials?
4. Do the Source and Destination sections balance?
5. Has everyone accepted the settlement date and time?
6. Are all of the source funds at Ready status? (if using funds in trust, have the funds been signed off by an authorised trust account user?)
7. In the event there is a positive Title Activity Check on the day of settlement, have the incoming parties accepted settlement execution and selected “Proceed with Settlement”?
Financial Settlement Schedule
Thanks for the info @Sam_Elder.
May I suggest some way to combine all the Outstanding elements on one page, -(maybe linked from summary task list) or at least some notification or highlight of what exactly is outstanding since
is handy but not always detailed on exactly what is required. TA
27-06-2019 12:26 PM - edited 27-06-2019 12:35 PM
Cheers for the Out Standing Tasks And View Participants Tasks Summary.
But Since the latest release seems to be a higher occurrence of this KNOWN glitch instructing the user to Complete Transfer Duty Verification even though it has already been done.
Suggest that the WS Summary has a NOTICE section to flag attention to known issues so that users don't keep wasting time to troubleshoot and report ALREADY known issues! :]
on 02-07-2019 04:25 PM
I've got some more detail on the Transfer Duty task defect you and others are still experiencing. Turns out that the fix that was deployed on 15th June (R10.0.1) only applies to Transfer Duty tasks generated after the release (15th June). The fix doesn't clean up or fix Transfer Duty tasks that were generated prior to the 15th June.
As the Transfer Duty task is generated when the transfer doc is created, any workspaces with Transfers that were created after the release will work fine. And the number of "immortal" Transfer Duty tasks will dwindle.
I hope that helps.