on 07-06-2019 10:21 AM
We've had two instances of mortgagees changing the settlement date on PEXA without discussing this with the parties first. If a mortgagee can't meet the settlement date, this is something they need to communicate with the vendor or purchaser's representative about. The settlement date is set by the Contract of Sale and any changes to it need to be negotiated between the vendor and the purchaser.
I would suggest that in a Transfer workspace, that only the roles of Proprietor on Title and Incoming Proprietor should be allowed to change the settlement date.
I note that this has been brought up previously with no comment from PEXA: https://community.pexa.com.au/t5/Ideas-and-Suggestions/Banks-changing-settlement-date/m-p/10260#M628
on 07-06-2019 11:23 AM
FI' are not to change the Transfer Workspace settlement time and date.
This is regularly brought up in the Banking Industry Forums. If you see it happen with my organisation, we are happy for it to brought to our attention immediately so we can address it with the individual.
There is currently a trial on at the moment for QLD Jurisdiction Workspaces where is locked so that FI's cannot change the date/time, with the roll out across other states looking being in the July Release.
We do note that we have observed that some FI or their settlement agent cannot settle until 2pm and therefore I have seen those moved.
We are seeking for ALL FI's to update their Bank Transfer Checklist, and detail their settlement time restrictions so you have a one stop shop so that you may set the settlement time/date that my reduce the need for it to be changed..
Sonia (Westpac Group - SGB/BankSA/Bank of Melb)
on 07-06-2019 12:00 PM
Thank you for your reply Sonia, it's encouraging to hear that FI's are considering this issue and that this might be rectified shortly.
In our case, it was two law firms acting for smaller lenders who changed the settlement date, one acting for Mortgagee on Title and one acting for Incoming Mortgagee. We haven't had this issue with the bigger banks.