PEXA is pleased to present the next release of the PEXA System, Release 5, scheduled for business go live 28 November 2016.
In the November release, we are introducing a new document type of Priority Notice in NSW, together with the new simultaneous linked financial settlement.
The PEXA System has also been enhanced to streamline how you process your transactions.
All of these changes are in direct response to your valued feedback. Please continue to leverage the ideas and feedback portal on the e-Conveyancing Community to provide feedback.
In NSW, you can lodge a Priority Notice to reserve priority for a pending transaction
PEXA now has the ability to lodge a Priority Notice in NSW. When recorded on title, a Priority Notice has a twofold effect:
Introduction of the Simultaneous Settlement model
For many clients, the financial settlement of their new property is dependent on the funds available from sale of their current property. PEXA now provides the ability to link workspaces settling at the same date and time, so that funds for financial settlement are linked. This new settlement model also ensures that all settlements proceed together.
A Priority Notice is a notice which is lodged against a title to reserve priority for a pending transaction that will affect that title.
A Priority Notice, when recorded on title, has a twofold effect:
A Priority Notices' purpose and function is to preserve and protect the rights of the Parties named in the ‘Documents to be Lodged’ in the Priority Notice. It protects the interest of those parties named in the ‘Documents to be Lodged’ for the time between lodgement of the Priority Notice and the lodgement of the ‘Documents to be Lodged’ with the Land Registry.
A Priority Notice is lodged by a Subscriber on behalf of the Applicant. The Applicant can be either the Subscriber lodging the Priority Notice or the 'Receiving Parties' (e.g. Transferee or Mortgagee) named in one of the ‘Documents to be Lodged’ in the Priority Notice.
Electronic and Paper Channels
Importantly, a Priority Notice may be created for a future dealing that will be completed in either the paper or the PEXA channel.
Duration
A Priority Notice will be effective on title for 60 calendar days from the date of lodgement. A Priority Notice may be extended for a period of 30 calendar days only once. An extension is facilitated through the lodgement of an Extension of Priority Notice.
Note: The Subscriber that lodged the Priority Notice is the only Subscriber that may extend or Withdraw that Priority Notice.
Learn how to Create a Priority Notice in this article.
(Referencing PEXA CR654)
Linked settlements are used when destination funds from one workspace are to be used as source funds in another workspace.
With this release, PEXA will introduce the concept of the linked simultaneous settlement model.
With your linked workspaces, you can now select between two options, Simultaneous and Sequential.
What are the defining features of the Simultaneous Settlement model?
When do I use the Simultaneous Settlement Model?
For many clients, the settlement of their new property is dependent on the funds available from sale of their current property.
For many clients, the settlement of their new property is dependent on the funds available from sale of their current property.
A party both buying and selling can choose to either have its purchase:
The Simultaneous Settlement model facilities settling at the same time (while the existing Sequential Settlement option facilitates settling after each other).
The Simultaneous Settlement model facilities this type of transaction.
What are the benefits of Simultaneous Settlement in PEXA?
Linked Settlement – Preparation Activities
Note: In this example, either the Proprietor on Title creates the linked destination line item in the preceding workspace OR the Incoming Proprietor creates the linked source line item in the trailing workspace.
Once either of these are created, a link request is sent to link the selected workspaces.
Upon acceptance by the user within the workspace to be linked, PEXA automatically creates a linked line item in the financial settlement schedule.
Settlement Date and Time must be the same for the linked Simultaneous Settlement.
What rules does PEXA apply for linking of Workspaces for Financial Settlement?
The pre-requisites to be met to enable two PEXA workspaces to be linked for settlement in a chain are:
Rules – Simultaneous Settlement
The following key rules/requirements have been applied for the new Linked Simultaneous Settlement:
Questions and Answers – Simultaneous Settlement
Result: The Linked Financial Settlement line item is created and added to the Destinations list screen.
Navigate to the Financial Settlement screen for the selected workspace.
Note: For Simultaneous Settlement, a message is displayed if the Settlement date and time is not the same for the linked workspaces. The link can be saved, but please ensure that the settlement date and time is updated. Settlement will not proceed unless all workspaces have the same date and time.
You can view all the details pertaining to workspaces with linked financial settlement via the Linked Financial Settlement tab.
Linked Financial Settlement tab
All details for linked financial settlement workspaces are displayed on the Linked Financial Settlement tab. The associated workspaces are displayed according to their relationship to the current workspace:
Details for each linked financial settlement includes your Subscriber reference for the workspace, the Settlement link type (Simultaneous or Sequential) and the Workspace status. Importantly, this is where you can also see the date and time for each workspace. All new link requests are displayed on this screen.
(Referencing PEXA CR624)
A quicker and easier way to enter address details
Thanks to your valued feedback, with this release you will have the ability to create and manage addresses either at the Party level, or now directly within your documents. Address input fields and categories have also been streamlined, making it easier to complete address information across the PEXA System.
New Digital Signing plugins for Fire Fox and Internet Explorer
While PEXA is a browser based platform, to digitally sign documents using your PEXA Digital Certificate (USB Device), you do need to install some additional software. This installation process has been streamlined across all popular browsers, adding Fire Fox and Internet Explorer to the existing Google Chrome installation process.
Automatic Representation of Frequently Represented Parties
Subscribers leveraging the Frequently Represented Parties functionality will see some immediate improvements that assist in representation of parties. Now, with Release 5, if a party record is returned from the land registry against a title, and they exist in your Frequently Represented parties table, PEXA will automatically assign representation for you on the Participants screen.
Thanks to your valued feedback, we are improving the way in which address information is entered in the PEXA System.
Address input fields and categories have been streamlined. Addresses have also been more closely aligned to the type of transaction you are processing. And with this release, you will have the ability to create and manage addresses either at the Party level, or now directly within your documents.
Adding an Address
Address details can now be added either alongside either a Party record, or directly within the Document you are processing in PEXA.
Party Address details
Address details can be added alongside a Party record via the Participants screen. These address details are then referenced in your documents.
Party screen> Address details
Multiple addresses can be entered against a Party record. Each address entered is assigned a label that helps you identify the address later.
Labels can include:
Document screen> Address Details
When completing a document, you are prompted to select which address you would like to use. From the Document screen, you can now either select an existing address record, or create a new address.
The new Add Address button means you no longer have to return to the Participants screen to create the record. The new record can be created and aligned with the correct Party record immediately, ensuring you can continue processing your document with minimal interruption.
New Add/Edit Address Details form
Address types now include:
Most Commonly Used Selections
When completing address details, list options are now clearly divided into two sub-categories:
This helps reduce the complexity of choice presented, with the most common selections placed at the top of the list.
The new form provides an improved and consistent address entry experience across the PEXA System.
Smart Field Selection
Smart field selection now allows you to enter the characters 'Ro' or 'Str' in Road name field. This streamlines the data entry and avoids the requirement to click on a list of values, scroll and select 'Road' or 'Street'.
(Referencing PEXA CR611)
For settlement transactions in the jurisdiction of VIC, the lodgement override capability has been extended to include Stamp Duty.
If selected, the Override Stamp Duty and Lodgement function advises PEXA to proceed with settlement in the event that communications with the VIC SRO or Land Registry cannot be obtained at the time of settlement.
Post settlement, PEXA will continue to re-try Stamp Duty verification and Lodgement until the communications exception is resolved and the dealings are submitted for stamping and lodgement.
For more details, please refer to the Setting Stamp Duty and Lodgement Override article.
(Referencing PEXA CR477)
PEXA is working on a wide ranging project focusing on improving the experience of our digital certificate software. The first part of this large project has begun. Firstly, we are looking at moving away from using JAVA plugins. With the move by Google Chrome to remove support for JAVA, based on some earlier security vulnerabilities, we developed a simple to use and secure digital installation process. We would now like to move this new technology to both MS Internet explorer and FireFox browsers, so that all users are on a consistent, secure and easy to use digital certificate software package.
With Release 5, we are looking to pilot our new digital certificate installation process for those using Internet Explorer (IE) and FireFox on Windows.
Note: All subscribers not engaged in this pilot will continue to use the Java based installation. There is no risk to security using this installation. Only once we gather your feedback and this pilot is deemed a success will we look at moving all PEXA subscribers away from the Java file installation to the new install.
If you are interested in joining the pilot group, please review the installation instructions and contact us via the community article.
Subscribers in QLD can now add an email address to the Form 24 document, aligning PEXA with the newly updated paper form.
(Referencing PEXA CR628)
Subscribers leveraging the Frequently Represented Parties functionality will see some immediate improvements that assist in representation of parties.
Subscribers who are frequently representing organisations in PEXA have the ability to add parties they represent in the roles of:
You can then select a frequently represented party when you create a Party record in a workspace.
Now, with Release 5, if a party record is returned from the land registry against a title, and you have entered this party, in that role, in your Frequently Represented parties table, PEXA will automatically assign representation for you on the Participants screen.
Scenario:
(Referencing PEXA CR673)
PEXA is improving the process when subscribers, transacting in the jurisdiction of SA, are creating a caveat as an ‘Administrator’ to protect the interest of a Proprietor on Title who is a ‘Protected Person’.
With this improvement, you no longer have to create the Proprietor on Title party again as an Incoming Caveator (who has a ‘party capacity’ of a ‘protected person’).
Now, the improved process is:
(Referencing PEXA CR718)
Perpetual Leasehold, Mineral and Leasehold Estate Titles will now be able to be electronically traded in PEXA in the jurisdiction of NSW.
(Referencing PEXA CR663)
Many of our subscribers, especially the financial institutions, highlighted a requirement to clearly identify the transaction types in PEXA. Importantly, they wanted to clearly identify a Transfer workspace, so they can quickly respond to time sensitive nature of the transaction.
Marking and identifying a workspace with the type of transaction directly helps improve workflow, allowing team leaders to easily allocate specific workspaces to appropriate teams, along with improved reporting.
With Release 5, when creating a workspace that includes financial settlement, you are now prompted with a simple question, Will this transaction involve a Transfer?
The workspace is then clearly identified on Your Dashboard as either a Transfer or Non-transfer transaction.
Note: Workspaces without financial settlement, like standalone caveats or discharges, are automatically assigned the label of Non-transfer.
(Referencing PEXA CR695)
To provide greater confidence when entering your financial line items, we are improving the automatic checks against BPAY Reference data entered in PEXA. These detailed checks help reduce the chance of invalid BPAY payment details entered into PEXA.
(Referencing PEXA CR664)
PEXA will now align with recent NSW Land Registry changes to allow the Service of Notice Address on the NSW Caveat to be an Australian wide address. This was previously limited to NSW addresses only.
(Referencing PEXA CR611)
To assist in the creation of Caveats and Withdrawal of Caveats in PEXA, we have removed the requirement to capture Date of Birth for the relevant parties on the Party screen. This field is now optional.
(Referencing PEXA CR729)
The Telephone Number fields throughout PEXA have been improved. We now cater for a wide range of different formats, ranging from mobile phones, land lines and international numbers. We also clearly identify the required formatting and assist you in the completion of the number.
(Referencing PEXA CR631)
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