About DMc

Since using the 'source account' is not very efficient nor practical. IE unable to bring Seller funds, unable to check/reconcile/balance :-what happens if customer deposits direct and amount/account is off by one digit? clawing back funds for complete a manual settlement means the source will only be refunded to the depositing party. They then might need to transfer back to your trust account... potential 6 business days delay. where the standard O&A merely allows for 3 business days grace. So am hoping there might be a list of Banks that either do/don't have the PEXA trust account integration in place, in case a practitioner was considering changing their Bank Trust account. ... View more

Since utilising the PEXA platform has some particular differences , in scope of our work. Conveyancers (at least in WA) will need to consider. So was wondering if you had a handy check list somewhere? Along the lines of; ensure the contract caters for e-settlement? Do your clients authorise the variation? update your appointment to act to include authorisation for complying with e-settlement, Bank trust integration and/ transfer to source account (disclose clearance time there, and if needed back again). Is your bank Trust Account PEXA integrated (required so that PEXA is able to confirm amount of cleared funds in place) otherwise PEXA source account (limited in scope of use) may be required. Recommended Comptuer & online security recommendation(s), best practices/policies Along with Digital Signature management. feel free to add others... ... View more

How is it proposed, to ensure our ARNECC compliance is audited? Commerce auditors seem to want nothing to do with it! The mention in the past was Landgate, would be auditing... but trying to understand if PEXA users may be be subject to Landgate staff conducting audits on premise? Alternately is some other (may be online) compliance audit being proposed? Would be interested in the details...   ... View more

Seems most people are stumped/too busy to think of a question. ;) So just wondering if there is a record of what was asked on the last 'ask PEXA anything' day? ... View more

Merely some feedback on using the unread conversation viewer:- why not have the 'View' button take user directly into the specific workspace conversation to read &/ reply, rather than just the workspace summary, where the user would additionally need to click on Conversations, and find the specific conversation to then take action.  ... View more

Where used why is the subscriber unable to verify the balance or if funds are cleared? What happens if the deposit is over or under by any amount? Why can't the deposit maker authorise refund to another account? ... View more

Suggest the need to be able have multiple conversations (to all the relevant parties) whilst being able to jump between the different workspace screens -without losing your conversation and history thread. Similar to those used on those social media platforms like Hangouts or FB etc...   Would be handy when try to advise the lender or other party of line items that are missing or need updating. ;) ... View more

Merely a suggestion in the idea of improving/simplify the balancing of the Financial Settlement Statement (FSS) Why not treat the Buyer/Incoming Proprietor (IP) source of funds as an fluid (automatically calculated/tallied) 'Bucket'. Specifically; The Available Funds (AF) Bucket figure/amount (If multiple sources apply then think of if as one bucket or Source of money, simply filled by various contributors. ie Lender, Subscriber Trust account, PEXA source account. -some of these might set a minimum draw down or some might allow for refund to Buyer nominated account) AFAIK most jurisdictions would have Subscribers/Practitioners do a balance of rate and outgoings adjustment and then agree on the Balance required To Settle (BTS) Bucket. From this AF Bucket the IP subscriber would draw their fees; pay the buyers outgoings and the agreed BTS bucket to the Seller The Buyer would usually add their fees & outgoings to the BTS This should then equal the Buyers AF or allow for refund to/additional contribution from the buyer. Currently This Seller BTS would then be agreed and requested Outside of PEXA (Away from the FSS: why not have the seller and buyer propose and vary the BTS amount within FSS) where currently only Split Directions (SD) end up as listed as line items in the destination of FSS. Currently the Buyer side does not usually get to see the AF and has to ask &/or source additional funds to the AF. If you used 'Settlement Room' the Buyer Subscriber would see the AF from the Banks and add additional sources early in the settlement. The Destinations were loaded by responsible party. Each party were able to easily balance their tally/Bucket of funds. Then we could also treat the Seller Outgoing Proprietor (OP) destination (Sale Proceeds) funds as a bucket also. Out of the BTS the Seller Acting subscriber would normally instruct the SD as follows amounts; The amount to go to themselves The amount to the Listing Agent along with any other authorised payments, usually by Account details Then usually the Balance of Proceeds goes to either;   A) Discharging Lender where applicable -would have a minimum payout amount which they need to instruct for them Required to settle, but most often they can accept Full Net Proceeds(FNP) surplus funds as they may have an authority to bank surplus funds on behalf of the Seller- Since this amount often seems to be loaded as (static) line destination- it remains in fluid to any changes this ideally should automatically update where the Seller Lender &/or B) Seller nominated Account or C) Subscriber:- is to collect FNP (Bucket) to disburse as instructed. Suggest a fluid (automatic update) figure is used, where Full Net Proceeds (tick box) figure is possible. I guess my point is each participant subscriber &/lender needs to balance to their own figures. But they need to know which Bucket they need to balance too... It would be handy if those buckets (at least certain line items) could tally/auto level themselves... But it seems that some are not understanding which bucket to use and simply making the source & destination balance merely to settle. ... View more

Beside the summary screen, Why doesn't the History update? i.e from "Ready Ready" to "Settling and lodging"? Suggest history shows pending response from RBA/ what have you... Just to inform user that workspace has not locked up ;) ... View more

In case you are not aware, called PEXA support phone line  this morning to hear "If you prefer to leave a message so we can call you back, please press 0"- when I Press '0' to leave message after the tone; then I immediately hear disconnected sound! Guess the message bank is full ;) ... View more

for workflow simplification and user operation, rather than supply generic task(s) in the workspace. -why not specify the exact question/action required by subscriber as Q&A? ie when acting for proprietor on title (seller) rather than show task as complete the transfer, why not drill down the exact question(s) the workspace needs a Seller to confirm? Suggest maybe tick a box for ie; Buyer name was supplied by OSA as______ does this match the contract? Y/N The consideration amount been entered is $____ does this match the contract? Y/N... ... View more

When viewing a document for correct details suggest adding option to download all/selection PDF/email to be able to save to the practitioner matter/file notes. Document view inside PEXA Would be nice within the document view to be able to jump between documents ie may be have a NEXT button and a side panel of of documents to view and save/PDF/email Would be even more handy to retain the Work space sidebar as well for other navigation; At all times... ie currently missing when viewing, creating, editing or signing documents... Would also be handy when adding line items to the FSS. Workspace Side bar for easy change of navigation ... View more