on 29-09-2016 06:24 AM
PEXA should take priority of paper transactions, as PEXA is the future of property settlements. However, a number of practitioners are declining PEXA invitations on the basis that a paper transaction has already commenced.
Obviously, any conveyancing transaction is going to begin on paper before it becomes a PEXA matter, and for some time yet there will be a need to maintain a backup position (i.e. having paper documents completed and on hand) in case a PEXA settlement is legitimately declined.
It seems to me that there are two reasons why PEXA settlements are being declined in favour of paper:
1. Some practitioners don't want to change, and prefer to cling to the old ways; and
2. The PEXA system lists one of its standard reasons for declining as "Transaction has already commenced on paper" (see the image below)
PEXA and other practitioners are working on reason 1. This is merely a matter of education and progress. However, reason 2. is a problem that needs to be addressed in the PEXA system.
My suggestion is that the option "Transaction has already commenced on paper" should be removed. It is misleading in that it suggests by its presence that once a paper transaction has commenced (and remember, the ALL start as paper transactions) and PEXA settlement is no longer an option. It is also a problem in that it provides a seemingly legitimate reason for declining in circumstances where the declinal is no more than a refusal to co-operate.
Please PEXA, remove this option from the system and inform subscribers that the commencing of a paper transaction does not prevent or displace the use of PEXA.
on 04-10-2016 02:35 PM
Thanks for your active participation in the community.
You've ignited some internal discussions and debate here at PEXA. We meet on a weekly basis to review incoming industry feedback and this is top of the agenda for discussion.
I'll keep you informed via this thread.
on 04-10-2016 02:39 PM
Have you seen my latest one Anna, about the "Scissors, Paper, Rock problem"? I think the problem is greater than is realised, and has the potential to stall the uptake of PEXA.
on 04-10-2016 02:46 PM
Sure have! I'll be interested to hear the communities thoughts on that one.
on 06-10-2016 12:27 PM
Thanks. Great feedback on the reasons for withdrawing from a workspace .
The option "Transaction has already commenced on paper" is definitely under review. It is something that we have already received some feedback on. And I agree, this option can be quite misleading. The commencing of a paper transaction does not prevent or displace the use of PEXA.
I have forwarded this to our product team to review.
on 06-10-2016 02:43 PM
That's great @BrettCS and @AnnaHardiebut I am discovering that the problem is much greater than I first realised. Please see my follow up posting "Paper, Scissors, Rock" where I draw attention to the fact that paper will always defeat the PEXA rock, and my observations added as a further comment.
on 16-11-2016 05:17 PM
Can you please remove the reason for not participating " Already commenced in paper" as all transactions are commenced in paper starting with the Contract. It is too easy to change over and I think it is just an easy excuse not to join the workspace.
on 18-11-2016 09:15 AM
Thanks for your feedback. I've merged your suggestion with the discussion above to keep topics together,
If other community members support this suggestion, I encourage you to add a comment below or 'like' Peter or Suzie's posts to show the popularity of this item.