When proceeding to sign the Lodgement Instructions, if there are Mortgages or Caveats on title in the Workspace, and there is no associated Discharge of Mortgage or Withdrawal of Caveat, a banner will display within the Lodgement Instructions panel on the signing page. The alert advises the user to review any existing claims or encumbrances on title before proceeding.
This does not prevent you from proceeding with your Workspace to Settlement and Lodgement but does act as a helpful reminder.
We are currently planning for this feature to go-live as part of PEXA’s next platform deployment on 7 September. If you have any questions about this functionality, please reply to this post.
PEXA was created to fulfil the Council of Australian Governments’ (COAG) initiative to deliver a single, national e-Conveyancing solution to the Australian property industry and that’s exactly what we plan to do. PEXA is in active discussions with Tasmania, the Northern Territory and the ACT to bring e-Conveyancing to life in those jurisdictions and hopes to be in a position to communicate timelines to industry over the coming 12 months. Pleasingly, the legislation which enables e-Conveyancing has already passed in Tasmania and the Northern Territory.
Beyond the Subscriber Security Policy which provides security requirements for our members, PEXA highly recommends the use of new app PEXA Key for the secure exchange of source account details and vendor bank details, removing the vulnerabilities associated with email. Further, PEXA has a dedicated Security page on the e-Conveyancing Community for PEXA members to stay up-to-date with PEXA’s security announcements, to raise security concerns and learn business tips to stay secure online.
Prior to 1 July, 85% of all possible dealings in NSW were being lodged electronically which is testament to that market in its early adoption of e-Conveyancing. As a result, the 1 July compliance date passed seamlessly.
One of the most significant metrics we measure when understanding how the industry is embracing e-Conveyancing is our Net Promoter Score (NPS)*.
NPS measures the willingness of members to recommend PEXA to others and PEXA captures this feedback directly from its members via the in-platform feedback tool. As of August, the NSP for NSW sits at an impressive 62 which is a 33% increase on March 2019. *NPS is measured between -100 and +100. A score of 50 is considered “excellent” and 70 is considered “world class”. Apple’s most recent Net Promoter Score is 47.
PEXA is actively working with Landgate on this matter and are ready to assist Western Australia in increasing scope. At present, Landgate has a number of technical priorities to assist in the introduction of competition in the ELN market. Once that work is complete, it is likely focus will return to broadening out the volume of transactions that can be completed online.
PEAK Bodies continue to be central hub for PEXA members to stay up-to-date and trained on industry and e-Conveyancing changes.
Help articles, free webinars and upcoming changes to the platform can also be found in one central location, on the e-Conveyancing Community. PEXA’s Support Centre is also available to answer any of your PEXA platform questions.
A lot has happened in three years and Community has grown immensely. It now attracts over 25,000 Unique Visitors a month and 160,000 Page Views, has 7,059 members and is still growing everyday with over 150 new members joining in June!
It wouldn’t be what it is today without the help from everyone who uses it, the members who provide feedback, ask questions and the amazing collaborators who provide the answers.
A special shout-out to our Community Super Users who generate a whopping 17% of the content on Community with their posts, answers and discussion. Thank you for being thought leaders and making a positive contribution to the development of e-conveyancing.
@DMc who's posted 506 times, provided 15 Accepted Solutions, liked 1,265 posts and received 441 likes himself!
@TheDoctor 173 Posts, 15 Accepted Solutions, 378 Likes Given and 231 Likes Received.
It’s been a long and rewarding journey managing and building Community a journey which all started with @Anna and @Emily in 2016!
Community is always changing and growing, take a look at our first day:
Now Community looks a lot different, we’re proud to see how much content comes from you, our Users (66% ofposts) and how valuable a tool it has become, not just to PEXA Members but to all industry participants.
Thanks for a great three years, look forward to seeing you all in Community for many years to come.
Lachlan O'Brien, Associate at Hunt & Hunt Lawyers takes on Marcus' role in this episode of 5 in 5, speaking with Alicia Crossett (NAB) and Aidan Brenkovich (Gadens) about the common issues industry is facing, and what the banks and panel firms are doing to address them.
Join Jyh Gusew as he catches up with Marcus Price about Cornwalls’ contribution to the evolution of the PEXA platform, the importance of providing feedback and how industry’s collaboration has evolved over time.
Learn who the Community Superusers are from 2018 and 2019.
Sarah Rizk, Partner at Thomson Geer speaks with PEXA’s CEO Marcus Price and PEXA Project’s expert, @Josh Radford about Thomson Geer’s transition to electronic transactions and what that looks like for a major law firm dealing with multi-lot settlements.
Our Superuser Program recognises the input from our most active and helpful Superusers. We're really lucky to have such a vibrant Community and the support that some of our members give each other is amazing.
Once again we brought the new additions to our Superuser group into Melbourne for PEXA's Open Day. Deciding to change it up this year (so my terrible painting skills didn't get found out for a second time) I opted for a problem solving challenge - throwing the group into escape rooms. Alas, I was no better at this activity and my team didn't make it through - the bragging right's went to @EmilyBilling's team
It was great having everyone in on the Friday morning, hearing from CEO, @MarcusPrice, @lisadowie, @KrystleKocik, @BrettCS, @Marty and many others as they learnt more about PEXA, our focus on our members and the projects our teams are working on.
Thank you all for being a part of it and congratulations on becoming Community Superusers, joining our group from last year:
In this edition of Practitioner Spotlight, learn more about Tamara Grant, PEXA's developer specialist in Queensland, as she shares her market insights and knowledge of PEXA Projects.
How long have you been working at PEXA and what role did you start in?
Tamara: At the end of this month, I will have been at PEXA for one year. I started as a Practitioner Specialist, and about five months ago moved into the Projects Specialist Role.
How did you become a Projects Specialist?
Tamara: Projects and developments are a huge part of the Queensland property market, and for me it is an area I had experience in before my life at PEXA, so it was a role I was very excited to be offered. As the Queensland market grows, the Queensland team needs to be able to support our members with Projects and it’s exciting to be a part of that process.
What is a key driver for you in your role, what motivates you?
Tamara: Seeing the results for our members at the end. Asking lawyers and developers to “change” is a huge trust leap and being able to support them through it and see the growth that happens along the way really keeps me motivated to continue helping our members. The changes that are occurring within the property industry are inevitable and it’s both exciting and rewarding to be a part of it.
As a PEXA Projects specialist in Queensland, how do you see Projects delivering benefits in the market?
Tamara: Queensland as a state is undergoing substantial economic growth and development with new infrastructure, property development and growing levels of interstate migration. The uptake of electronic settlements in a market with a large amount of development keeps us up-to-date with our neighbouring states and enhances the efficiencies and processes for all parties involved – lawyers, developers, banks and buyers. From something as simple as paying GST instantly, to the complexity of arranging 100+ settlements on the one day – the benefits are enormous.
The Queensland market is progressing in its adoption of digital settlements - how do you think Projects is helping advance the uptake of electronic transactions?
Tamara: I think in a state where electronic settlements aren’t compulsory – the uptake is driven by those who see the most benefit in the change, and that is always developers and their lawyers where they are working on large numbers of lots at one time. When the practitioner market sees that developers want electronic settlements, it acts as a catalyst to give electronic settlements a go themselves and be able to provide that service and build future business opportunities from there.
Do you think the collaboration between developers and law firms on a platform like Projects helps drive efficiencies?
Tamara: Absolutely. Some of the most efficient working relationships I’ve seen using Projects has been where we have had the opportunity to show both the lawyer and the developer how the system works. From there they have had a clear idea of what information and communication is needed to make it work as efficiently as possible. It’s great to see and I look forward to seeing the Queensland market progress this year.
If you’d like to get in touch with Tamara, you can contact her @tamaragrantor at Tamara.Grant@pexa.com.au.
Now in its second year, the PropertyX Awards recognise the achievements of those driving transformation within the digital settlement landscape. Award categories include practitioners, panel law firms, developers and financial institutions.
If you would like your firm to be recognised for its achievements, make sure you complete your submission by 5.00pm Wednesday 3 April 2019 AEDT.
Last month we sat and had a chat with Jeff Stevens, life member and past President of the AIC National and a significant contributor throughout the journey to digitise property settlements. He runs a specialised property practice in Adelaide, Stevens Partners, where we caught up with him and the team to talk PEXA.
Welcome to the second edition of the Practitioner Specialist Spotlight. This month, learn more about QLD team member Morvanna Jones and hear her thoughts on the year ahead for e-Conveyancing.
How long have you been at PEXA and why did you join the team?
Morvanna: I have been at PEXA for three years! I joined because I have a conveyancing and training background and I could see the potential of e-Conveyancing – I wanted to be a part of it.
Which part of Queensland do you look after?
Morvanna: I am based in Far North Queensland.
What do you enjoy about working with members of the Queensland network?
Morvanna: I get a lot of love from my job, it’s amazing how many hugs and sharing of special moments that the relationships I have bring. One of the highlights is when a practitioner becomes proactive in using PEXA and shares their excitement about their completed settlement.
How would you describe the current outlook of e-Conveyancing in Queensland?
Morvanna: It’s very positive. I can see in FNQ particularly that practitioners are being very proactive by getting themselves registered and starting to transact. They are speaking with their peers and encouraging them to start using PEXA as well, so the pool keeps getting bigger. The goal to progress e-Conveyancing in Queensland in 2019 is well and truly on track.
How does e-Conveyancing benefit regional firms and is this helping drive growth?
Morvanna: There’s a lot of electronic settlements between FNQ, Brisbane and Gold Coast firms. This volume is increasing and making a massive difference to the growth of e-Conveyancing in Queensland. For example, a remote firm, Bolt Burchill Tranter – Mossman, uses PEXA, as having to drive for paper settlements is very time consuming and costly for them. It’s firms like this that are pushing for electronic settlements because it will allow them to grow their business.
If you’d like to get in touch with Morvanna, you can contact her @Morvannaor Morvanna.Jones@pexa.com.au.
Welcome to the Practitioner Specialist Spotlight! This is a new initiative to help introduce you to our wonderful team in Queensland. Each month we will sit down with a guest to discuss their e-Conveyancing thoughts, tips and tricks.
Our first team member under the spotlight is Daniel Arnfield.
How long have you been with PEXA?
Daniel: I’ll have been at PEXA for three years in April.
In which region of Queensland are you based?
Daniel: Mainly Brisbane’s CBD, but I also work with practitioners on the Sunshine Coast and Gold Coast.
Why are you passionate about e-Conveyancing?
Daniel: My role combines technology and the opportunity to really help people and firms within the industry. This in turn allows me to form strong relationships with the people I work with. We are currently in a very exciting time as the industry is completely transformed and I’m glad to be part of that transition.
When working with practitioners, what do you love to see?
Daniel: It’s great watching the progress that a practitioner makes with PEXA. Their development, increasing confidence on the platform and the peer to peer engagement are really building the industry. Queensland is beginning to create a supportive network and it’s nice to see other firms encourage those that aren’t yet online.
What tips do you have for practitioners in Queensland?
Daniel: PEXA encourages feedback from its members on the improvements they want to see, and I urge members to share their thoughts – this allows PEXA to continually advance the platform for everyone. I also recommend that practitioners use Community and get involved with the discussions that occur there. The forum has so many educational resources and helpful guides to enhance your transactional experience.
We are excited to announce that this week is PEXA Training Week! Take advantage of the quieter period by educating yourself about PEXA and its processes. During the week, we will be posting educational materials on our social pages. Be sure to follow PEXA on Facebook, Twitter and LinkedIn for updates.
If you would like any specific educational materials to be shared, please comment below.
2018 has been a huge year for the e-Conveyancing Community and with today being the last day of the year for many of us, I thought it would be a good time to look back.
There's a lot of new display pics in Community this year - 2,880 new members joined us so we're nearly double the size now!
There were over one and a half million page views and between monitoring PEXA workspaces for the Total Funds Required, or for a Mortgagee to finally sign off , you've spent 737,031 hours here in Community... I wonder who's getting that bill. .
You've made 5,461 posts - most of those were by @DMc of course and somehow we've had 83,146 unique visitors, just in the last 6 months.... can't tell if that's because we have such an interesting Community or if there's a bot-net setup to like all of @EmilyBilling's posts 853 Emily! I'll never catch her at this rate!
It's been great as a Community Manager to sit back and see so many of you answering questions for your peers, helping each other through this digital transformation. I'm really proud that Community has become a space where we can collaborate, come together and work through problems; it's was very cool to see banks working with one-another and competing firms offering each other advice.
We started our first Super User program, recognising the extra effort some of our Community members do to help others and the time they spend here.
For those of you who made it, we loved having you here in the Melbourne office - clearly I can't paint, my poor frog looked like it was dribbling green goo, but it was a great night and fantastic to put names to everyone's faces.
We'll be running our Super User program again in 2019 and inviting new people. One thing we'd like to do differently is have a Community nominated Super User. More details will follow in the New Year so keep an eye out when you get back from the Summer Holidays.
Our Super Users Program won't be the only new thing in 2019 - there's a lot of new features on the roadmap for the start of next year - new banner images, a new group launching for Queensland, a new Webinar page and a new page for our Super Users are just a couple of thing on the board.
That's it from me, I'll be off Rock Climbing and Kayaking over the holidays, @AnnaHardie is about to set off on her adventure around the world (we're hoping she'll make it back next March) and @EmilyBilling's having a staycation (which I think technically makes her the one on call ).
@Josh_McCutcheon and @IsaacK from our support team will be your Community Managers over the Christmas period and they're really excited to be looking after your Community - so be nice!
Have a wonderful Christmas everyone, looking at the PEXA transaction volumes over the last few weeks I think everyone deserves a good break!
From Conveyancing to CATS; a chat with Nick Xenides
Nick Xenides and Daniel Roesler
Q: When did it all kick off for you in the industry Nick?
A: My conveyancing career started back in 1985, when I joined a firm called Robert Northcott & Associates. Soon after several firms, including Northcotts, amalgamated to form Optima Conveyancing where I remained for the next 17 years. I was then invited to form an association with Bernie Lewis Home Loans assisting with settlements for their HomeStart agency, and that was the beginning of BLHL Conveyancing.
Q: How did you come to be involved in conveyancing software?
A: I had previously been using a software package called Domain, which was OK but not so easy to use. There was a lack of comprehensive or user-friendly software for SA conveyancers and since I had programming experience, I decided I would write my own software package. I created the first version of what came to be called CATS, in 2005. I had no intention of turning CATS into a business venture, but a few conveyancers heard about it through the grapevine and wanted to see it for themselves. With the help of Kel Watson who handled the technical aspects of installing the system, we suddenly had a base of 6 firms using the package. The word spread and before long the AICSA expressed an interest in partnering up to deliver it across the market.
Q: How does CATS look at present and into the near future for people?
A: We catalogued a lot of the feedback from the past couple of years which indicated a desire to move to a cloud-based system, giving customers an improved and updated platform on which to run their business. We think it’s competitive with any other offering and is a tried and trusted system for running files and trust accounting. We’re now able to offer integration with PEXA and are about to launch an update with Microsoft Office integration as well.
Q: What’s the biggest change you’ve witnessed in your time in the industry?
A: In conveyancing, it’s the rapid rate of changes brought about by new legislation such as Capital Gains Withholding, GST Withholding, ATO Clearance Certificates, stamping procedures etc. I feel that so much responsibility has been shifted from government service providers to the individual conveyancer. At the same time conveyancers have had to ensure there was no reduction in quality of service to their clients. The pace of change may prove too much for smaller practices. We are already seeing senior conveyancers retiring early as a result.
In technology, we had already experienced some of the biggest changes with the introduction of SAILIS & the Revenue SA portals. PEXA is just another digital transformation our profession needs to go through, and soon there will be competitors to PEXA as well. Unfortunately, due to the discounting culture that exists in SA, it is difficult for conveyancers to properly compensate themselves for these extra duties and responsibilities.
Q: What are your personal views on the digital transformation of the property industry?
A: I’m happy that the industry has begun to move in this direction, and it’s ultimately the change we’ll need to embrace. To hasten this change, perhaps the settlements room could be abolished or phased out, thereby making paper settlements a deterrent and the online way more appealing. Digitisation is inevitable. It’s the future. It’s coming and there is no use pretending otherwise. The sooner we embrace the digital platform, the easier it will be when, rather than if it is made mandatory.
This month, Marcus speaks with Marty Karpowicz, PEXA Product Owner, about upcoming enhancements to the PEXA platform. Marty has some exciting upgrades to speak about including a change to settlement roll-over time, the new PEXA help feature, Workspace summary changes and more.
If you have any questions about the enhancements mentioned in the above video, please don't hesitate to ask us below.
Thank you to those of you who joined us at the Coffs Harbour and Port Macquarie industry events .
You can download a copy of the presentations attached to this post. We hope this chance to join industry experts has helped you further understand what the upcoming changes mean for your business, how you can prepare and learn what's next for Your Network, Your Future. If you have any questions, please reply to this post and we will get back to you.
The PRSG provides protection to sellers of residential property in the event of a certain kind of fraud. Where the PRSG applies, the seller has the option to make a claim against PEXA, rather than seeking to recover the loss by an alternative means.
Access to proceeds of sale is much faster with PEXA. If your client hasn’t received their funds within 24 hours this should raise a red flag for you and your client. Speak with your client and ensure they contact you as soon as they suspect something unusual.
How it works
The PRSG applies to settlements of residential property on or after 29 June 2018 and sellers can only avail of this guarantee if their conveyancer settles the sale of their property online using PEXA.
The PRSG applies to sellers in respect of the settlement of residential property where the vendor’s funds are misdirected after the seller’s practitioner has entered the correct bank account details into the PEXA platform.
There is a $2 million cap on PEXA’s liability per settlement.
Further conditions must be satisfied before a claim can be made under the PRSG. A summary of conditions can be found here.
We're all about transforming the property experiences of our members here at PEXA; so when it came to designing our lift lobby space, we jumped at the opportunity to showcase our member's stories and highlight what using PEXA means to their businesses.
Here's Mike Cameron, Group Executive, Customer & Revenue, taking us on a tour.
I love that the first thing I see in the morning and the last thing I see, sometimes after quite a long day, is the reason why I do it, why I'm here - to improve the experience for our members.
Leading developers Springfield City Group and PEXA last night hosted a property network evening, inviting Queensland’s industry members to engage in an evening of future-thinking and thought leadership.
Attendees included lawyers, real estate agents and property developers, all collaborating to explore the powerful technology available to professionals in our field and how it will help shape the market moving forward.
The collaboration between Springfield City Group and PEXA aims to foster a community-like togetherness among Queensland’s property stakeholders.
Both Springfield City Group and PEXA pride themselves on being at the forefront of innovation, playing a part in accelerating the digitisation of property exchange in the state and Australia as a whole.
Simon LaBlack, Legal Practitioner Director of LaBlack Lawyers, shared his experiences with the PEXA platform and urged his peers to adopt the e-system to drive the industry’s digital transition.
The partnership between Springfield City Group and PEXA signals an ongoing commitment to advancing Queensland’s broader property network.