on 15-11-2018 02:46 PM
We note the current system permits settlement notifications that can be generated and sent automatically once the matter has settled to the Agent.
This may not be sufficient as far as the Agent is concerned as it is not on letterhead and not signed.
Can PEXA create in the system where a PDF letter for Order on the Agent is saved and attached to this notification, which we note is currently available via the File tab BUT cannot be sent automatically once settlement occurs.
We require as part of our special conditions in the contract when acting for a Vendor, for the Order on the Agent to be uploaded to the workspace 24 hours prior to completion to be held by the Vendor's participant in Escrow and our condition stipulates that once we receive an email confirmation from PEXA, that the matter has completed successfully, that this Order on the Agent can be sent without any further authorisation from the purchaser's solicitor.
Clearly we can send this by way of separate email but it would be preferable that this PDF letter can be sent automatically on settlement via PEXA.
Our concern is that the current practice is for the Order on the Agent to be sent to us AFTER settlement and this can create issues where a purchaser may wish to withhold monies if there are issues upon inspecting the property. This is usually dealt with prior to completion but in a PEXA settlement the Order is received after settlement and this is a concern as there is no control over the funds held by the agent by way of the purchaser's authority to release once the matter has settled.
Can PEXA please create this process to occur.
on 16-11-2018 06:08 PM
I second this suggestion. It has always been a staple of property transactions that the Order on Agent is handed over on settlement simultaneously with exchange of settlement funds and property titles. PEXA now requires that I chase up the purchaser solicitors for the Order on Agent after the fact, with no guarantee that it will be provided. The PEXA-generated Order is far from sufficient, being as you say, not being signed and not on any letterhead, and in truth having no real legal authority whatsoever.
Look forward to PEXA implementing a system to allow Order on Agents to be provided on settlement, which really should have happened before it became mandatory for any property settlements.
on 20-11-2018 03:46 PM
I raised this back in June this year with PEXA and the reply was "unfortunately uploading logos and patching them through to emails PEXA generates is harder than it sounds. Perhaps a future release will include it."
Most legal practitioners simply don't use the feature on the PEXA workspace due to this and just process the orders manually.
It needs to be raised by more practitioners for it to be changed.