Hello SA!
We've had the opportunity to work with almost all of you the past few weeks, and have made a few observations that we hope will improve the quality of your transaction:
- Did you know you can easily act for both parties and setup in the workspace settings:
- When creating additional roles remember to click the blue "save" button, very often its missed.
- Even if you're not the Responsible Subscriber (ie lodging party) you should still check the order of documents in the Lodgement Instructions.
- These will be requisitioned if they are in the wrong order so please double check as often the Bank will miss this
- If you are doing a Transmission Application and a Proprietor on Title is staying on Title then no need to re-create them as a second participant.
- Another helpful Transmission tip is you need to be in the role of Incoming Proprietor to mark the Proprietor on Title as deceased
- A Proprietor on Title role is not required when acting for your Executors/Administrators etc in the role of Incoing Proprietor, and to remove that role in the workspace settings if it has been created.
- Also be aware of the need to have 2 evidence lines on the document and 2 separate attachments to correspond with where required.
- Make sure that the Incoming Proprietor allows for the Registration Fee of the Discharge of Mortgage and the new Mortgage
- Best practice is to Stamp 2-3 days prior to settlement and complete TFRS (Total Funds Required to Settle) when the purchasers statement is compete, optimally 5 days prior to settlement.
- If your Bank is not “Accepted” for settlement, this means that you will need to chase them up like normal. Please don’t send a conversation the day before and expect immediate turn around. Treat invitation acceptance as you would a settlement booking and not assume.
- If you encounter a situation where your documents are Stuck in Verification with the registry (say, longer than a minute) please call PEXA Support to identify if it is merely a delay in receviing the verification or there is an underlying issue with your document preparation.
- Be aware there may be a PEXA M/DM fee when dealing with Panel Firms. It is prudent to check early if there will be a late notice fee added by the panel lawyer.
There are a few scenarios too of prepared workspaces getting to the examiners at the LTO which are not in correct state to be registered (user mistakes, nothing technical). We are working with Land Services SA on compiling a brief overview of what these scenarios are and how to avoid them.
Happy settling!