Another shortcoming of the PEXA notice of acquisition is that the system does not appear to cross-check the date of settlement in PEXA with the date of possession/transfer in the PEXA notice of acquisition. For example, we recently had a matter which was originally scheduled to settle on 14 December 2018. A notice of acquisition was created when the matter was opened recording 14 December 2018 as the date of transfer/possession. The parties subsequently agreed to bring settlement forward to 26 September 2018. The matter settled and shortly thereafter we received a phone call from the owners corporation manager who had been served with a copy of the NOA to say that the date of transfer/possession on the NOA was 14 December 2018. What is the point of having an electronic conveyancing system if simple discrepancies like this are not picked up? The system should be amended to prompt the user to review the date of transfer/possession in the NOA if it does not correspond with the date of settlement in the workspace. Once the matter has settled it is not possible to amend the NOA or create a new one so the only option is to use the SRO form. Another frustrating shortcoming of PEXA that ought to be quickly and easily resolved !
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The Vic mandate is with us .. so banks get your processes right! Westpac signing off at 1.10 for settlement booked for 11.00 is totally deplorable -- as you were the linked transaction bank you caused two other settlements to fail --- not once today but twice!! Why is it that banks now appear incapable of providing settlement figures BEFORE settlement (you could in the paper world) - processes that dictate this is only provided on the morning of settlement is not acceptable. Processes that dictate that you will not sign documents until the morning of settlement is also not acceptable ... any signing/completion needs to be done well ahead of settlement. Banks also need to get pro-active with advising the representative on their side of any issues .. its called a "conversation" tool for a reason! I have had a good experiences with Liberty Financial .. they make sure their work tasks were completed well ahead of settlement.
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