08-03-2018 11:07 AM - edited 05-04-2018 08:41 AM
Please note that this post was updated on 5.4.2018 with new information.
Over the past 12 months, PEXA has received enquiries from the market – specifically those firms that deal infrequently in property – in how they remain compliant with Land Registry transition dates without needing to subscribe to PEXA. As a result, SettleAssist was created as a pilot to test whether an additional service is required to assist those firms.
As Land Registries commit to the digitisation of property transactions, it is critical all firms have the ability to retain their customer-base and provide like-for-like servicing to their market. It is also critical that transactions don’t experience difficulties in the instance an infrequent transactor isn’t available for you to deal with online or, for a sole practitioner, they wish to take leave.
To ensure firms aren’t disintermediated in the transition to e-Conveyancing, PEXA is tested the need for a service where firms can have their settlement completed in-line with legislation, without having to become a PEXA Subscriber. In effect, this allowed firms to continue completing property transaction on behalf of their client.
It is important to note SettleAssist did not proactively seek to drive business through this channel, rather it tested an “insurance policy” for those firms that don’t have the capability to process transactions electronically post-compliance dates.
In doing this, SettleAssist aimed to protect existing market relationships between firms and their clients and ensure all transactions can proceed smoothly.
Parameters of the SettleAssist initiative:
The pilot was active in Victoria and New South Wales in early 2018 and now ceased accepting new matters. The service will continue to support referrers for files that had already been referred before 27 March 2018.
PEXA will provide a formal briefing to the relevant industry bodies including the AIC, Law Societies and ABA at the end of the pilot.
PEXA continues to offer extensive support services directly to lawyers and conveyancers who wish to transact electronically, such as PEXA Direct, PEXA training, the PEXA Virtual Program, the PEXA Certified program, the e-Conveyancing Community and the PEXA Support Centre, ensuring broad market readiness in line with legislative requirements and transition timetables.
Who is able to instruct SettleAssist to complete a matter on behalf of the “client”?
A practitioner acting for a client can instruct SettleAssist to help with those parts of the process they cannot complete themselves.
Is SettleAssist actively marketing to the general public?
No – SettleAssist is not a direct to consumer offering and does not accept instructions other than from the referring practitioner.
Why wouldn’t infrequent transactors refer the PEXA component to an existing PEXA Subscriber?
Practitioners are able to continue to offer that service to other practitioners.
PEXA has created this pilot to address those firms that don’t have such an arrangement in place or are reluctant to issue those instructions to a competitor.
How large in the pilot?
The pilot is capped to 30 firms.
If you have any additional questions about SettleAssist, please ask below or private message me.
on 05-04-2018 08:40 AM
Hi @mody I believe you were able to obtain help advice from Heather through another post. Let us know if you need anything further.
Good luck with your first settlement! I hope it went well.
26-04-2018 04:04 PM - edited 26-04-2018 04:23 PM
Anything to add to the article..? https://www.smh.com.au/business/companies/conveyancers-berate-pexa-for-stealing-clients-20180424-p4z...
In particular, After a look at new Requirement 5.6 of the proposed amendments in Version 5 MOR (allowing an ELNO to provide "downstream services") why would ARNECC add/modify the M.O.R. to even consider "downstream services"?
2 weeks ago - last edited 2 weeks ago
Hi @AnnaHardie and Team.
Is this pilot or alternative product running, or otherwise?