24-10-2017 12:57 PM - edited 11-11-2017 01:40 PM
24-10-2017 12:57 PM - edited 11-11-2017 01:40 PM
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.
How to guide: https://community.pexa.com.au/t5/Transacting-in-PEXA/bg-p/Step3_Transacting_in_PEX#523
Milestone 1
WHEN - Contract goes unconditional
WHAT - Open Workspace/Accept invitation, review the Land Title, invite other parties, enter participant information.
Milestone 2
WHEN - 2 weeks out from settlement
WHAT - Sign the Transfer of Land & Notice of Acquisition (or state equivalent)
Milestone 3
WHEN - Week of settlement
WHAT - Assess Stamp Duty or Nominate the title
Milestone 4
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.
If you follow this time frame and hold the other parties to it as well settlements will be smooth and predictable.