Hi @Sandcorp
We are always keen to hear feedback, both positive and not so.
I will respond to your specific issues below. We will take your feedback on board and see how we can improve the user experience.
Item 1: "we cannot finalise our tasks in the system until this (banks have completed their tasks) is done so I have to stop working on other files to keep watch on PEXA." Item 2: “The financial settlement page is completely hopeless. When representing a vendor we why do we need to see stamp duty, transfer fees, the purchaser's representatives fees, the purchaser's PEXA fee. We can't update the destination until the bank have entered the payout figure even when the bank are collecting all funds.”
PEXA RESPONSE
Waiting on the bank to provide the loan payout. As part of the PEXA Community, banks have agreed to work to protocols for completion of tasks. For payout figures, banks are working to complete entry of loan payout figures by 10:00 AM on the morning of settlement. You can find industry protocols here: A new feature in PEXA allows a Vendors representative to complete and sign the Financial Settlement Schedule (FSS) prior to entry of the Loan Payout. The feature allows the Vendor Surplus to vary, within a tolerance specified by the vendors representative, as a result of entry and signing of the loan payout without un-signing the Vendor Surplus line item. Click here for more information:
All Participants having to sign Lodgement Instructions In recognition of the constraints placed by the orchestration of signing Lodgement Instructions upon PEXA users, the Australian Registrars Working Group recently agreed that only the Responsible Subscriber need sign Lodgement Instructions. As part of PEXA Release 7.0 (Nov 2017), and in conjunction with each jurisdictional Land Registry as they are required to make the reciprocating software change at their end, a change will be implemented so that only the Responsible Subscriber need sign Lodgement Instructions.
PEXA Settlement Adjustments Calculator PEXA has developed for Practitioners an Adjustments Calculator. The feature is under trial. @DougPun will provide more info for you.
ITEM 3: “Why does the vendor's representative sign the Notice of Acquisition? How can I truly sign that this is correct when cannot verify half the information such as the purchaser's date of birth, future address?” PEXA RESPONSE The business rules surrounding Document data requirements, data validation, digital signing and certification are specified by the jurisdictional Revenue Office / Land Registry that owns the Document. The business rules for the NOA are defined by the VIC SRO. PEXA must abide by these rules. We are constantly working with our jurisdictional colleagues and community members to learn how we can meet statutory requirements while providing the best possible user experience.
Thank you for your feedback. If you have more questions, please let me know.
George, PEXA
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