| Stage |
PEXA |
PAPER CHANNEL (NON-QUALIFYING TRANSACTIONS) |
|
Once property is sold
|
- Receive contract from Real Estate Agent Check if this is a qualifying transaction (Check fee simple and lending is consumer – not commercial)
|
- Receive contract from Real Estate Agent
|
|
Instructions and ordering searches
|
- Open file
- Input data into Office Practice Software
- Prepare initial introductory letter attaching (as applicable):
- Client Authorisation Form
- Authority letter and disclosure (conflict of interest)
- Request for Verification of Identity
- Include a practice specific questionnaire
- Client returns documentation – input data into Office Practice Software
- Conduct a Full Title Search plus plan, encumbrances and order an electronic advice of sale “EAS”
- If a strata unit, apply for a Section 43 from body corporate
- If a rental obtain rental information from the property management agent
- Acknowledge contract in Revenue Online (ROL) for stamping purposes and retain bundle ID
- Ensure deposit received by Real Estate Agent
- Open Workspace or accept invitation
|
- Open file
- Input data into Office Practice Software
- Prepare initial introductory letter attaching (as applicable):
- Client Authorisation Form
- Authority letter and disclosure (conflict of interest)
- Include a practice specific questionnaire
- Client returns documentation – input data into Office Practice Software
- Conduct a Full Title Search plus plan, encumbrances and order an electronic advice of sale “EAS”
- If a strata unit, apply for a Section 43 from body corporate
- If a rental obtain rental information from the property management agent.
- Acknowledge contract in Revenue Online (ROL) for stamping purposes and retain bundle ID
- Ensure deposit received by Real Estate Agent
|
|
Preparing for settlement
|
- Confirm settlement date and time
- Invite Incoming Mortgagee into Workspace and other parties
- Send SettleMe link to Client Prepare preliminary settlement statement and send with responses to searches to purchaser for acknowledgement
|
- Prepare preliminary settlement statement and send with responses to searches to purchaser for acknowledgement
- Prepare the transfer of land and send this to the purchaser for wet signature
- Send fax to Incoming Mortgagee attaching copy of transfer, any encumbrances, preliminary settlement statement and the record of the certificate of title
|
|
Final weeks before settlement
|
- Liaise with Mortgagee with regards to proceeds required for settlement and whether they have authority for further funds
- Amend settlement statement and request further funds from buyer to be deposited into trust account (if appropriate) or source account.
- Prepare Transfer (buyer).
- Send letter of instruction via SettleMe to buyers to carry out final inspection
|
- Liaise with Mortgagee with regards to proceeds required for settlement and whether they have authority for further funds
- Send Transfer of Land to the other side
- Amend settlement statement and request further funds from buyer to be deposited into trust account (if appropriate).
- Letter to be sent to buyer to arrange final inspection
|
|
Days before settlement
|
- Print duty certificate in Revenue Online.
- Enter Certificate number into Duty information. Digitally sign the Transfer Create source line item for trust account (if applicable)
- Ensure buyer has deposited required funds into trust account and verify
- Obtain outstanding amounts due for shire and water rates, land tax, strata levies/insurance, rent adjustments (if applicable) and create buyer destination line items for third party rates, own conveyancing fees etc
- Check pre-populated line items for stamp duty, lodgement fees and PEXA fees
- Instruct bank on amount to enter as source line item via conversation tools (cannot exceed amount of loan approved plus any amount held on authority) Prepare final client statement in preparedness for settlement Ensure Financial Settlement Schedule balances
|
- Contact all parties and arrange date and time for settlement.
- Print duty certificate in Revenue Online.
- Obtain outstanding amounts due for shire and water rates, land tax, strata levies/insurance, rent adjustments (if applicable) withdrawal of caveat or lease (if applicable)
- Receive cheque directions from seller
- Confirm proceeds available from mortgagee and in trust (if applicable)
- Prepare final client statement in preparedness for settlement
- Request bank cheques from Incoming Mortgagee
- Request bank cheques if money held in trust
- Draw up settlement instruction sheet
- Prepare Settlement packet o Settlement Instructions
- Certificate of Duty
- Clients banking instructions if banking is required
- Copy of Certificate of Title
- Cheques for registration
|
|
Settlement day
|
- Digitally sign Financial Settlement Schedule – wait until all other parties have signed
- Send letter to real estate agent confirming settlement
|
- Do check search
- Attend settlement
- Send letter to real estate agent confirming settlement
|
|
Post settlement
|
- Send letter to client with stamped contract, final settlement statement and tax invoice
|
- Send letter to client with stamped contract, final settlement statement and tax invoice
|
