About sjdlaw

We have just had ANZ bank again delay a setlement, this time messaging us at 10:55 (11am settlement) to say there is a $16.40 shortfall. They have then not adjusted their figure so i cant amend our figures by $16.40 to allow the settlement to go through.   Banks consistently delaying settlements with zero accountability to the customers is appalling, and is making PEXA a difficult process when it shouldnt!   What is being done to force banks to have figures accepted and uploaded well prior to settlement?   I read so many posts similar to this one, however no accountability or adequate responses from financial institutions.  ... View more

With a month to go until the pexa deadline for vic, why are banks still requesting a copy of the "Transfer of Land" prior to settlement, surely bank staff have been trained by now in electronice settlements?? I have had banks/brokers tell clients that settlement had been delayed due to their lawyer not providing the transfer of land!! ... View more

We are having issues with PEXA settle times not rolling over properly (i would call pexa support but dont feel like waiting on hold for 30 min).   1. We just had a 2:30 linked settlement delayed to 4pm even though it was in ready status prior to 2:30 (bank had signed off at 2:27) 2. Yesterday we had funds cleared at 4pm but pexa would not allow settlement to roll over to a later time in the day.   Are there issues with the program?   We have some very unhappy clients. ... View more

As PEXA settlements become the norm, I have noticed how many banks and their staff are completely uneducated or informed about the process. I am now being told by a bank that I need to call and book in a pexa settlement....that kind of defeats the purpose of PEXA! What is being done by banks to educate their staff?? ... View more

I recently decided to try the ASP function on PEXA, hoping to have the process streamlined (bank in control of ect as mortgagee), only to be told by the bank that I would have to submit a paper discharge authority (even though loan not being discharged) and it would take over 3 weeks to consent.   What is being done to ensure banks are assisting with the PEXA process rather than using it as a tool to set their own timelines etc? ... View more

I have used PEXA since Feb 2016 and have enjoyed being able to have a settlement date set out in PEXA with all sides working toward that date. Recently however, banks have began not accepting a settlement date right up until the settlement date and in some cases waiting until the morning of settlement then changing the settlement date by a week as it doesn't suit them.   This has occurred three times this week, in which the bank has had ample time to prepare for settlement and decided to change the settlement date without any prior notification.   As PEXA transactions increase, i am worried this practice is going to cause chaos for lawyers/conveyancers.   The settlement date is set in the Contract and is a legally binding date, and  should not be able to be changed by a bank as they are not a party to the Contract.   I suggest that banks should not have the ability to amend a settlement date on PEXA. If they are not ready to settle, they should be contacting the client's legal representative to discuss amending settlement date. ... View more

I have recently had a bank demand copies of all SRO documents and a copy of the Transfer of Land prior to settlement.    Why are they requesting these documents when the matter is on PEXA? The stamp duty is certified/assessed by us, so they have no need to view the SRO docs and it seems unreasonable to have to email the bank a copy of the transfer of land printed off PEXA. ... View more