Complete and Disbursed - what does it all mean?

[BelindaLeFevre]

PEXA tracks the overall status of workspaces using the Lodgement and Settlement bars across the top of the workspace.  Below is a list of the possible status values in a workspace:

Lodgement Status			Settlement Status
In preparation	Workspace has been created and documents are in preparation		In Preparation	Practitioners have commenced preparing the Financial Settlement Schedule
Prepared	Documents have been prepared and are ready to be signed.  Stamp Duty verification is successful		Signed	The Financial Settlement Schedule has been signed
Ready	All documents have been digitally signed by the required parties and lodgement verification is successful		Ready	All aspects of the financial settlement are ready (funds verified, authorised and FSS items signed off)
Lodging	Document is in the process of lodging with the Land Registry		Settling	Funds are reserved for the transaction
Lodged	The Land Registry has accepted the documents for lodgement		Settled	Funds have been moved at the reserve bank level.  Technically the property has settled
Complete	The Land registry has completed their examination of the documents and assigned a status		Disbursing	Funds are disbursing to their respective accounts
			Disbursed	Funds have reached their destination financial institutions.

The lodgement "complete" status is one that practitioners can find confusing.  We normally equate “complete” with dealings being “registered” or clients being “on title”.  However, the complete status means the Land Registry has completed their examination of dealings.  In fact, the Complete status could mean a variety of things, depending on your jurisdiction.

“Registered, Rejected, Requisitioned, Unregistered, Unnecessary” are some of the available values in NSW.  A full list of values available in each jurisdiction can be found below.

Practitioners should always check each dealing in the documents screen to ensure they have registered (where applicable).  If in doubt, contact your Land Registry to discuss the details of your matter.

Please confirm your Land Registry Contact Details for your firm's PEXA subscription are up to date.  This can be checked by your Subscriber Manager in the PEXA platform.

Available values in each Jurisdiction

Jurisdiction	Available Values
NSW	Action Complete; Received; Registered; Rejected; Requisitioned; Unnecessary; Unregistered; Withdrawn
QLD	Abeyance Missing Dealing; Assoc Unregistered Abeyance; Assoc Unregistered Advertised; Cancelled; Current; Dealing B’Fwd to New Title; Dealing Entered; Deleted from ATS; Fully Withdrawn; Kept in Abeyance Dealing; Lapsed; Lapsed (Section 126(7)); Modified and Now History; Not Current; Received; Recorded in Error and Removed; Registered and Transferred; Registered Current; Registered History; Rejected; Removed; Requisitioned; Unregistered Abeyance; Unregistered Advertised; Unregistered Dealing; Unregistered Deed to Issue; Unregistered Requisitioned; Unregistered Superseded; Unregistered, Remvd to History; Unverified Dealing; Verified Dealing; Withdrawn and Re-entered
SA	Active; Active Dealings Lodged; Cancelled; Completed; Deleted; Deposited; Expired; Filed; Lodged; Registered; Rejected; Requisitioned; Superseded; Terminated; Unregistered; Unregistered – Data Entry Incomplete; Unverified; Withdrawn
Tas	Received
Vic	Abandoned; Approved; Completed; Deposited; Examination; Finished; Follower; Notice; Received; Registered; Rejected; Requisition; Unregistered; Withdrawn
WA	Lodged; Registered; Rejected; Requisitioned; Withdrawn

[Emily_EJS_Law]

Hi Belinda

I am in Victoria.  I have always waited until the status is set to "Completed and Disbursed" before confirming with the client that the matter has settled.  Is that correct or can I confirm that the matter has settled when it is "Complete and Disbursing"? Sometimes it can takes hours for the funds to disburse.  

What do you recommend?

Cheers,

Emily

[BelindaLeFevre · Accepted solution]

Hi @Emily_EJS_Law,

Up to you, but if we liken the electronic scenario to that in paper, in paper you say settlement has occurred when cheques and documents have been physically exchanged at settlement.  Those documents have not been lodged at the land registry and the cheques have not yet been banked.  But the property has settled.

If we consider the same in PEXA, the point where documents have been lodged and funds have been settled (exchanged at the Reserve Bank level), we can concur the property has settled.

Cleared funds may take minutes,hours or overnight to appear in the vendor's account (depending on the financial institution they bank with and their internal procedures), but the funds are definitely on their way to the client!

cheers

Belinda

[Emily_EJS_Law]

Thanks @BelindaLeFevre that's great!

I really appreciate your fast response!

Cheers,

Emily