Aberfoyle Happy Valley Conveyancers - Tips for using PEXA
Harold settling at Auckland Wharf
Nita and Harold Baggs, the principals of SA-based Aberfoyle Happy Valley Conveyancers have taken to PEXA like ducks to water. On a recent holiday in New Zealand they had two PEXA settlements, so Harold sat out in the sun and signed off on the settlements while sitting at the Auckland wharf!
This shows the versatility of the electronic settlement platform, bringing more freedom to business owners. By streamlining their own systems and with customised Reconciliation Statements generated from their database, Nita and Harold are completing more and more settlements on the PEXA platform.
The staff of Aberfoyle Happy Valley Conveyancers urge other practitioners to use PEXA. “Just do it. The conversation tool is a great way to liaise with the banks. It is quick and convenient and if there are issues with the bank being outside the transfer guidelines, you can always send an email to PEXA support to escalate,” explained the firm’s team member, Jacqui.
Nita and Harold have provided these great tips to help you transact:
Start with an easy transaction. For example a transaction with cash or a clear title
Leverage the expertise and assistance of the PEXA Direct Specialists, Sonia Roberts or Matthew Kelly. They will mentor you through the whole process until you are comfortable transacting on your own. This free service will not be available forever, so take advantage now and learn while you can get some expert help
Nominate settlement times early in the day so that they are completed before you leave for other any paper settlements. We regularly try for 10.30am
Always do your own reconciliation statement to work out your sources and destinations as you enter your Source or Destination funds.
As a business owner, you need to “own your fees” and not apologise for them. If the Conveyancer views the PEXA fee as an efficiency gain, the client will accept the fee as part of the transaction process. Don’t set up a situation where PEXA is an option.
Advise the Vendors that the PEXA platform enables you to have their funds ready for their immediate use as early 10.30am in some cases (depending on the bank). Usually a Vendor will be very happy to hear that.
Advise Purchasers that using the electronic platform means they may be able to collect their keys earlier in the day.
Advise both parties that we believe this is the safest option for the movement of the funds from party to party and in this day of cybercrime we feel this is definitely the way to go.
We were called upon to embrace the RevenueSA online payment of Stamp Duty in South Australia many years ago and what a great advancement that was to our businesses. PEXA will be an even greater revolution to the way we transact.
Nita believes the PEXA fee is a matter of context for the conveyancing profession as it transitions away from the old pen and paper way of settling property to the new electronic system. She states “PEXA fees are automatically included in our disbursements nowadays. We have run two businesses for 41 and 31 years respectively with our clients accepting our recommended methods and practices.”
The benefits of a PEXA settlement are huge to all parties. Using PEXA could also mean your client settles on the afternoon of the scheduled settlement day instead of falling over because a bank was not ready to book in time. The conveyancer saves time with no more anguished phone calls to the bank trying to book settlement.
Nita and Harold are keen to see the implementation of PEXA spread throughout SA so that everyone can benefit from the more efficient and easier work flows available through the electronic platform.
They urge all conveyancers to accept invitations that are suitable for PEXA. In accepting the workspace, you will gradually build your confidence and competency settling through the platform with the assistance of the PEXA Direct Specialists.
‘Lift and Replace’ encumbrances will be available from 6 November 2017 and this means a lot more eligible transactions, so Land Title Office-free days are more than just a dream.
Congratulations to Harold and Nita for future-proofing their firm by embracing online property transactions.