In settlements everyone needs to work together in a predictable way. PEXA settlements have key milestones that must be met so that the banks and other practitioners have time to do what they need to do. If they don't have enough time they won't be able to give you the funds and information that you need, or sign off on the documents for settlement.
I have listed the 4 key milestones to meet if you are representing a Proprietor on Title or Incoming Proprietor. You can do these tasks earlier but do not do them any later. You should enter these milestones into your calendar for each settlement you do in PEXA.
Here is a link to instructions that cover how to do each of the tasks in the milestones.
WHAT - Open Workspace/Accept invitation, review the Land Title, invite other parties, enter participant information.
Getting the Workspace open early gives plenty of time for the other participants to get themselves organised and enter their clients details. You won't need to review the Workspace until 2 weeks out form settlement.
WHEN - 2 weeks out from settlement
WHAT - Sign the Transfer of Land & Notice of Acquisition (or state equivalent)
The banks need these documents to be signed before starting their mortgage processing. Signing these documents signals to the banks to begin their process of preparing documents, nominating titles and confirming loan amounts. Getting this process started early allows for issues to be sorted out with time to spare.
Nominating the title shows all participants that it is available for settlement.
WHEN - 3 days before Settlement
WHAT - Tell your bank the total funds you need for settlement (if representing purchaser). Both representatives enter all destination line items.
You will receive conformation of the funds available and shortfall account details if you tell your Bank the total funds you need for settlement within this time frame. Telling the bank this figure lets them start the process of confirming the funds available which will ensure that there are no delays in entering it in to the Workspace.
If you follow this time frame and hold the other parties to it as well settlements will be smooth and predictable.