Gadens (Brisbane) have provided the following information and tips when completing a transfer as vendor or purchaser with them representing:
- ING Bank
- Bendigo and Adelaide Bank
- Resimac Limited
- Miscellaneous Lenders
Please let us know in the comments if this is helpful, and if there is further information you'd like added.
Transfer - Sale (Mortgagee on Title)
How to initiate a Sale Request
Gadens request that the practitioner sends the Discharge Authority directly to the Lender. Note that the Lender is not part of the PEXA Workspace when Gadens is acting on their behalf.
Lender Contact Details:
- ING Bank
- Bendigo and Adelaide Bank
- Resimac Limited
- Miscellaneous Lenders (see contact details on Discharge Authority)
PEXA Invitation Request
- Please ensure the PEXA invitation is sent as early as possible or at least 15 days prior to settlement
- Settlement days set shorter than 15 days may impact settlement times
Preferred Settlement times: (AEST/AEDT)
Gadens preferred settlement time is 12pm onwards.
Settlement Date Acceptance
- The requested settlement date will not be accepted by Gadens until Gadens have received the instructions from the Lender. Please note:attaching the discharge authority to the workspace does not allow Gadens to formally accept the date unless instructions have been received.
- Where documents have not been received within 5 business days of settlement, Gadens may push the settlement date out.
Gadens Payout Process
- Gadens does not receive Indicative payout figures.
- Final Payout Figures are confirmed on the morning of settlement by 10am
- Please do not escalate unless final payouts are not in the PEXA workspace post 10am the day of settlement
Surplus Funds
- Gadens preference is for the practitioner to manage any surplus funds in PEXA
Transfer - Purchase (Incoming Mortgagee)
How to initiate a Purchase request:
Gadens will accept a workspace invitation once the lenders instructions have been confirmed. Gadens cannot accept settlement date and time until all documents have been received from the Lender.
When all documents have been received by Gadens, we require four business days to book in the settlement date and time.
Gadens require the following details on the PEXA invitation:
- Gadens Reference (if available)
- Full name of the customer
- Security Address
- Loan number/ Application number
Preferred Settlement Times (AEST/AEDT)
Gadens preferred settlement time is 2pm onwards.
Please note: On settlement day, Gadens requires lender funds to be cleared in their trust account to be able to verify for funds for settlement.
Transfer of Land (TOL)
Please ensure the TOL document is prepared as soon as possible, preferably at the time of workspace creation, or at least 5 business days prior to settlement.
Please notify Gadens if the TOL is changed, as we will need to seek clarification from the Lender prior to proceeding to settlement.
Funds Available for Settlement
The source funds are uploaded to the PEXA workspace when all relevant loan documents have been signed, completed and returned to Gadens; together with all pre-settlement conditions being met.
Requirements before Booking Settlements
All executed loan and mortgage documents must have been received before booking a settlement. Refer to the initial letter for the Lenders settlement requirements.
Total Funds Required for Settlement
- Please provide total funds required for settlement as soon as possible or at least 2 days prior to settlement
- If the Customer has provided authority instructions, the account details will be updated in PEXA on the settlement date
Gadens provide the total funds for settlement.
PEXA Update December 2020: If a workspace is settling using the new Enhanced Settlement Summary (currently being rolled out via a phased deployment) TFRS will not be required. The alternative requirements are to agree funds due for settlement and select ready for shortfall or surplus. More details are available here: community.pexa.com.au/t5/Help-Centre/PEXA-s-Enhanced-Settlement-Summary/ba-p/20957 . Gadens will be updating this checklist to reflect the new ESS process in early 2021.
Settlement Date Acceptance
Gadens will accept the settlement date and time when all pre-settlement conditions have been met.
Gadens require at least four business days' notice to book a settlement.
Failure to meet the above timeframes may impact Gadens’s ability to settle on the preferred settlement date and time.
Loan Proceeds
Loan Proceeds will be finalised and confirmed by Gadens at least one hour prior to the scheduled settlement timeunless otherwise indicated.
Note:Late receipt of documents, pre-settlement conditions and funds can impact this timeframe.
Shortfall of Funds
Gadens may not hold authority to debit a borrowers account for shortfalls for lenders.
If the borrower holds an existing account, please contact their broker/lender to discuss further options.
Day of Settlement
Please have your documents and your adjustments on the financial settlement schedule finalised and signed at least 4 hours before settlement.
- Any amendments made to the financial settlement schedule (post Gadens or practitioner adjustments being signed off) will result in Gadens needing to re-confirm loan proceeds available which could cause settlement delays.
The financial settlement schedule in the workspace will only be verified and signed once funds have been received (usually after 12pm) from the Lender.
Please leave a comment or question below if you have found this useful, or if you would like further information.
