I work for a settlement agency, we complete settlements on behalf of many different conveyancers and solicitors in Brisbane, we however are not conveyancers or solicitors. Our firm is looking at moving from paper settlements to PEXA, and we are trying to work out how to do that... Do we need to register under one conveyancer? Can we register our agency to continue to act on behalf of all our different conveyancers and solicitors that we currently work with? Or do the conveyancers/solicitors we work with have to individually register for PEXA?
In order to register with PEXA, each entity must meet the Eligibility Criteria. The Eligibility Criteria is outlined in the Model Participation Rules (Participation Rule 4 and related schedules) by PEXA’s regulator, ARNECC. In summary, the Eligibility Criteria requires an applicant to have an ABN, be a legal Person, body corporate or a partnership, be of good character and meet the Insurance Rules.
We would suggest reviewing the Eligibility Criteria to see if you meet the requirements, in particular the minimum levels of coverage as stipulated under the Insurance Rules which can be viewed in Schedule 6 of the Model Participation Rules, which includes maintaining fidelity insurance or provide evidence of coverage for third party claims from dishonest and fraudulent acts.
In addition to the above, if your organisation wishes to complete conveyancing transactions on behalf of others, as a Representative Subscriber, you will need to ensure your organisation’s entity holds a principal practising certificate. If however, your organisation’s entity does not hold a principal practising certificate but does meet the Eligibility Criteria to register for PEXA, you will only be able to be registered as a Principal Subscriber and will only be able to complete conveyancing transactions on behalf of your organisation.
If you have any further queries or would like further information, please feel free to email us at firstname.lastname@example.org