About Jarrod_McAleese

We know the feeling of helping your client get into their new home or successfully sell their existing one is a key part of why you love what you do. In working closely with your network, we also know that one of the barriers to successful on-time settlements is the late confirmation of settlement figures, which can cause delays and last-minute stress. That’s why we’re increasing awareness of the Transfer Guidelines – in particular those relating to the Total Funds Required to Settle (G11) and Payment Directions (G17). These Guidelines were developed in consultation with industry to assist all parties to work together to achieve a successful settlement. As we begin to focus on these two metrics, we've compiled answers to some of your frequently asked questions.   If you’d like further information on the Transfer Guidelines, there are a number of resources available: Refer to the full Transfer Guidelines Watch our '5 in 5' video with Hunt & Hunt Lawyers, NAB and Gadens, speaking to how the banks and panel law firms are addressing industry pain-points View questions and answers from Westpac's Community 'Ask us Anything' session Attend the upcoming Transfer Guidelines webinar on Wednesday 25 September View past webinars on our webinar hub FAQs What are the Transfer Guidelines? The Transfer Guidelines have been developed to assist Subscribers with what they should be doing, and when, in order to ensure the timely and successful completion of a PEXA settlement. They have been developed through industry-wide collaboration with the intention to meet the needs of all PEXA Subscribers. Why is additional focus being placed on two particular Transfer Guidelines? In working closely with the network, we’ve identified Total Funds Required to Settle (G11) and Payment Directions (G17) as major pain points for all parties. These two Transfer Guidelines are critical to ensuring timely settlements, with a need for all parties to work together to achieve the best outcome for the mutual end client. WhAT ARE THE BANKS DOING TO IMPROVE THEIR ADHERENCE TO GUIDELINES? A timely settlement requires all parties to play their part in a timely manner – right from the timeliness of the invitation to the bank, through to the finalisation of the Financial Settlement Schedule. There are a number of dependencies within a Workspace and often one party cannot complete their tasks when they’d prefer to, due to incomplete tasks by other parties. The banks have an extremely high volume of settlements daily and have worked to refine their processes to manage this, with consideration to the Transfer Guidelines. PEXA provides regular and structured reports and feedback, helping the banks work to continually improve their performance against the Transfer Guidelines. They need the assistance of all parties to get things organised as early as possible – in particular, receiving early invites, preparation of the Transfer and also the “Total Funds Required to Settle”. Often, I am waiting on the other practitioner to complete their tasks which impacts my ability to complete items. What should I do about this? A smooth online settlement requires all parties to complete their tasks in a timely manner. We will be working with the industry as a whole to promote awareness of and adherence to the Transfer Guidelines and we would also encourage peers to reach out to each other to help promote the Transfer Guidelines. In addition, we now have reporting on adherence to the Transfer Guidelines by all parties and will be using this to identify who may need some further assistance and/or training on the guidelines. Why are you promoting 3 days for the TFRS when the Transfer Guidelines state they should be done 5 days from settlement? We understand that whilst 5 days from settlement would be ideal, it is not always possible to finalise this figure at this time. It is important however, to ensure you have finalised and entered the TFRS as early as you can, while also avoiding changes, particularly within a day of settlement, wherever possible. This provides plenty of time for the purchaser and their bank to arrange for any shortfall they may need to provide, and for the bank to verify these funds and enter final amounts into the Workspace on the day of settlement. Also, if you are using the PEXA Source Account to bring your client’s funds to settlement, these funds must be cleared 3 days prior to settlement, so you should be looking to finalise the TFRS 5 days prior to settlement to allow for this timeframe. ... View more

PEXA is always working to deliver a seamless settlement experience, with network feedback key in helping driving platform enhancements.   As part of PEXA’s upcoming Release 10.1.1 , a new alert banner when signing lodgement instructions will be introduced.   When proceeding to sign the Lodgement Instructions, if there are Mortgages or Caveats on title in the Workspace, and there is no associated Discharge of Mortgage or Withdrawal of Caveat, a banner will display within the Lodgement Instructions panel on the signing page. The alert advises the user to review any existing claims or encumbrances on title before proceeding.   This does not prevent you from proceeding with your Workspace to Settlement and Lodgement but does act as a helpful reminder.       We are currently planning for this feature to go-live as part of PEXA’s next platform deployment on 7 September. If you have any questions about this functionality, please reply to this post. ... View more

If the land registry computer system is unavailable on the settlement date will my settlement proceed? By Sharon Christensen There are two potential outcomes in this situation. Financial settlement proceeds without lodgement Firstly, settlement may proceed if PEXA is able to undertake a Secondary Lodgement Verification. A Secondary Lodgement Verification will only be performed if: (i) the documents to be lodged are prepared and signed the day prior to settlement; (ii) a successful Lodgement Verification was performed the day prior to settlement; and (iii) no changes are made to the documents since the last successful Lodgement Verification.   If these conditions are met, the workspace will lock for settlement once Ready status is reached. If the Land Registry is still unavailable at the time for lodgement, PEXA will override the requirement for lodgement and proceed to financial settlement. PEXA will continually attempt lodgement in the Land Registry until successful. The buyer is protected during the gap between financial settlement and registration by the PEXA Lodgement Gap Cover.  Under this cover, PEXA will assume responsibility for loss arising from an intervening dealing including the difference in value of the land, legal fees incurred and some other expenses. Lodgement gap cover applies automatically to all transfers in PEXA between the last successful TAC (within 2 business days of settlement) and registration.   Settlement does not proceed on the settlement date The second possible outcome is that settlement does not proceed on the settlement date. If the conditions for Secondary Lodgement Verification are not met and the Land Registry remains unavailable on the settlement date, settlement will not proceed and will need to be rescheduled.   In Queensland, the REIQ Contract makes provision for an automatic extension of the settlement date to the next day if settlement does not occur due to “a computer system operated by the Land Registry, Office of State Revenue, RBA, a financial institution or PEXA being unavailable on the settlement date”. In this case no party is in default and the parties must cooperate to rescheduled settlement for the next day.   A clause to this effect appears in the REIQ Houses and Land Contract and REIQ Residential Lots in a Community Titles Scheme Contract. The Commercial CTS Contract and Commercial Land and Buildings Contract are currently being updated.   Sharon Christensen is the Gadens Professor in Property Law and Co-Director of the Commercial and Property Law Research Centre in the Law Faculty at Queensland University of Technology. ... View more

Hi Community,   Attached at the bottom of this post is a guide to help assist your Stamp Duty verification and completion experience, including a detailed run-through of troubleshooting scenarios. Kind regards Jarrod ... View more

With   PEXA Release 10.1   going live on Monday 5 August 2019, the Service Charter will be updated. You can access a clean and marked up version of the new Service Charter via the attachments at the bottom of this post.   Kind regards Jarrod ... View more

Hi Community,   As part of Release 10.1.0, the PEXA Exchange dashboard will undergo some visual enhancements. As this is rolled out across August, you'll see new fonts and colours when accessing the platform, with the aim to provide a cleaner user interface and enhanced visibility for users.   Keep an eye out when logging into PEXA - you'll see the updated aesthetics soon!   A list of the changes and screenshots are provided below:   The top navigation menu is locked so that the menu items remain visible during scrolling. Workspace status is colour-coded for easy Workspace status assessment. Shading is applied to active navigation links on the top menu bar. Shading is applied to alternate rows to aid visual scanning. The WalkMe help widget has a different colour. Removed borders from within the table.           If you have any questions about the new PEXA Exchange dashboard, please comment below.   ... View more

Since 1 December 2018, all combinations of eligible transfer transactions, mortgages and caveats are now processed online in WA. It has been amazing to see the transition of this workflow into the digital realm, and the enthusiasm in which many of our members have embraced the change. There are, however, still a portion of transactions which are currently outside of scope of electronic lodgement and settlement in WA. Establishing the eligibility of certain transactions can is important – incorrectly proceeding through the wrong lodgement method can result in significant lost time and money for parties involved.   To assist with this process, we have collated the following information from Landgate which outlines the eligibility criteria for documents required to be completed via electronic lodgement in WA. We recommend consulting this material before proceeding with settlement preparation.   In order to check if your title is eligible for electronic lodgement, use the land title lookup feature on the PEXA dashboard or when creating a new workspace. Also remember that you can only proceed on PEXA if no party in the transaction is considered an incapable person pursuant to a State Administrative Tribunal order. Parties who are self-representing must also proceed through paper channels. For transfers, only certain transactions that are self-assessed through the Online Duties Portal in the WA Revenue Online (ROL) system are eligible to proceed on PEXA. For further information, see below. After you have established the above, check that your transaction meets the individual requirements of each document. Document type Eligibility critieria Caveat The claim type must be available in the ELNO The caveat must affect all of the land in a title All caveators named in the caveat must be represented by the same subscriber All registered proprietors must be affected by the caveat. Withdrawal of Caveat A withdrawal of caveat must not include a removal of caveat by a party that is not a caveator Withdrawal of caveat must cover all of the land in a title All caveators named in the withdrawal of caveat must be represented by the same subscriber The name of the caveator represented must be the same or justified to be the same as the caveator on the title. Mortgage Must be over all of the land in a title All registered proprietors must be mortgagors All titles included in the mortgage must have the same registered proprietors All mortgagees named in the mortgage must be represented by the same subscriber Discharge of Mortgage The discharge of mortgage must discharge all of the money in the mortgage The discharge of mortgage must discharge the whole mortgage from all of the land in a title The discharge of mortgage must discharge all of the mortgagees in the mortgage All mortgagees named in the discharge of mortgage must be represented by the same subscriber The name of the mortgagee represented must be the same or justified to be the same as the mortgagee on the title. Transfer A transfer does not include transmission or survivorship applications, mortgagees exercising power of sale, transfer of an interest, transfer under property (seizure and sale) order or transfer for sale for rates Transfer must include all of the land described in a title All registered proprietors must be named as transferors All registered proprietors must be on title without reference to any capacity such as Legal Personal Representative   All titles included in the transfer must have the same transferors The name of the transferor must be the same or justified to be the same as the registered proprietor The transfer must have a consideration type that is either monetary, desire to make a gift, or natural love and affection The transfer must be pursuant to a contract of sale or a written agreement The WA Revenue Online System (Online Duties Self-Assessment portal) must be used to assess the stamp duty to be paid on the transfer. The State Revenue Office transaction criteria are listed here   Over the coming weeks we will be distributing more content which further outlines transfer eligibility in Revenue Online, answer some frequently asked questions, and pool our Western Australian knowledge into a central point on our PEXA Community. Keep an eye out for further WA updates! ... View more

With PEXA Release 10 going live on Monday 13 May 2019, the Service Charter and Participation Agreement will be updated. You can access clean and marked up versions of these documents via the links and attachments below.   Service Charter Clean version Marked up version: see attached Participation Agreement Clean version Marked up version: see attached   Kind regards, Jarrod ... View more

Ensuring source funds are available when required, whether through a statutory Trust Account or the PEXA Source Account, is key to the completion of timely settlements.   The use of a Trust Account in PEXA is one method that allows you to contribute funds to settlement on behalf of your client. There are a number of benefits to utilising your Trust Account in PEXA.   When operating your Trust Account, you have full visibility of the funds available for settlement. You also have the ability to verify funds on the day of settlement, provided they are cleared. Further, you have the flexibility of being able to provide funds when acting on either side of a settlement, or when acting for a mortgagee. In order for practitioners to use their own Trust Accounts, PEXA requires the banks holding those accounts to integrate their systems with ours. A list of banks who are payment-integrated with PEXA can be found here.   For eligible PEXA Subscribers who do not already operate a Trust Account with an integrated bank, the PEXA Source Account is available for use. It enables practitioners to provide funds when they are representing an incoming proprietor.   It’s important to note, however, that the PEXA Source Account has certain conditions.   The PEXA Source Account is only available for use when representing the incoming proprietor – it is not available for use when acting in any other role to provide funds to settlement. When using PEXA’s Source Account, cleared funds must be available in the account not less than three business days before the date of a scheduled settlement (see section 2.4 of the PEXA Service Charter). In circumstances where funds are cleared into the Source Account less than three days prior to settlement, parties will be at risk of a delay in settlement, potentially leading to unnecessary stress for you and your clients.   Queensland members who wish to use an integrated trust account must seek approval from QLS and agree to comply with the related guidelines. The QLS approval letter can then be provided to PEXA to begin benefitting from seamless trust account integration.   If you’d like to register your Trust Account to your PEXA profile, you can access our Trust Account Form below. Alternatively, if you bank with Macquarie, contact our Account Services team. If you have any further questions on Trust Accounts or the PEXA Source Account, please reply to this thread. ... View more

Hi Community,   PEXA is aware of an issue preventing certain users from signing on the platform. This is due to a small number of antivirus software providers marking the PEXA signing screen as ‘suspicious’ in error.   If you urgently need to sign and are currently unable to do so, please call the PEXA Support Centre on 1300 084 515 and a temporary workaround will be provided.   A resolution is expected be rolled out to amend the issue later today.   Kind regards, Jarrod ... View more

As part of PEXA’s latest platform enhancement (9.0.1) we are excited to bring you a new, simplified home page.   The new landing page is designed to cut down unnecessary 'noise', allowing you to see important information at a glance.   After you log in to PEXA, the first screen displayed will be the new home page. Here, you will see your six most recently-viewed Workspaces. Presented as clickable cards, they will be colour-coded based on their status.   This will allow you to easily prioritise Workspaces and help streamline your platform experience. Further, checking your Workspaces on the go will be simple, as the new layout will be mobile-friendly.   The previous home page layout can be accessed from the left navigation menu which is displayed in the original table format, though it will not act as the default landing page.   We hope you enjoy the new view and as always, we look forward to your feedback.         ... View more

Hi Community,   We recommend regularly reviewing your PEXA account and ensuring user access is up-to-date. We've provided answers to frequently asked questions on 'inactive users' below.   What is an inactive user? An inactive PEXA user is defined as ‘a PEXA user who has not logged into PEXA over the past 100 days.' What will happen if a PEXA user becomes inactive? If a user does not login for a period of over 100 days, their access to PEXA will be suspended. Note that this is not a permanent suspension and Subscriber Managers can reactivate access via the 'Manage Users' section on the PEXA platform. To find out how to manage users, follow our guide on Community.   Why is it important to manage inactive users and PEXA user access? It’s important that only users who need to utilise PEXA have access to the platform. If an employee has left your organisation, access to their PEXA account should be removed to prevent unwarranted access to the PEXA System.   Rule 7.3 of the   Model Participation Rules  requires that Subscribers keep user profiles up-to-date. In addition, paragraph 4.5.2 of   PEXA's Security Policy  requires Subscribers to perform regular checks of their User profiles and, where applicable, remove inactive User profiles. Who can manage PEXA user access? Your organisation’s PEXA Subscriber Manager(s) can remove, suspend or reactivate users. It's important to note that Subscriber Managers do not need a Digital Certificate to reactivate a suspended user. Do I need to call PEXA Support to manage user access? No, the PEXA Subscriber Manager(s) from your organisation is able to remove, suspend and reactivate users and does not need to call PEXA Support to complete any of these tasks. It's important to note that Subscriber Managers do not need a Digital Certificate to reactivate a suspended user. As a PEXA Subscriber Manager, how do I manage PEXA user access? To remove or suspend users from PEXA, visit your PEXA dashboard, click Administrator Tools and select Manage Users. From here, locate the relevant user and use the action cog to select Edit. Update the user details or permissions as required. If you are a Subscriber Manager and have had your access to PEXA temporarily suspended, you will need to call PEXA’s Support Centre to have your access reactivated. To reactivate users, on the Manage Users screen:   1. Locate the relevant User and use the action cog to select Reactivate  2. Enter the reason for Reactivating the User 3. Select Confirm.   You can find more information on managing PEXA user access by visiting our guide on Community . What if a user requires PEXA access only sporadically? If a user accesses PEXA infrequently, we kindly request that they login every 100 days to keep their profile ‘active’. What if a user is on an extended period of leave, such as parental leave? If a PEXA user is on an extended period of leave (such as parental leave), we recommend that you suspend their access to PEXA, and reactivate it upon their return. What should I do when an employee leaves my business? If an employee leaves your business, you should check that their PEXA user profile has been removed and terminate their Digital Certificate (note: you’ll need to contact PEXA directly for Digital Certificate termination).   Have a question regarding inactive users? Reply to this post and we’ll get back to you as soon as possible. ... View more

With PEXA Release 9 going live on Monday 5 November 2018, the Service Charter, Participation Agreement and Standard Operating Environment Requirements will be updated. You can access clean and marked up versions of these documents via the links and attachments below.   Service Charter Clean version Marked up version: see attached Participation Agreement Clean version Marked up version: see attached   Standing Operating Environment Requirements Clean version Marked up version: see attached ... View more

      Thank you to those of you who joined us at the Queensland industry roadshows this week.   You can download a copy of the presentations via the PDFs attached to this post.   We hope this chance to join us has helped you further understand what’s happening across the network and the opportunities available moving forward in this period of digital change.   If you have any questions, please reply to this post and we will get back to you. ... View more

    With Victoria's 1 October compliance date fast approaching, we'd like to invite you to join us for an industry update webinar. Representatives from the financial institutions, the Law Institute of Victoria, Land Use Victoria, the State Revenue Office and PEXA will each provide a brief update on their readiness initiatives, and how they’re feeling in anticipation of 1 October. You'll be able to ask your questions LIVE on the day.   Date: Monday 24 September 2018 Time: 1:00pm to 2:00pm AEST     Register now by clicking on this link! Regards Jarrod ... View more

Hi all,   Land Use Victoria has advised that  there will be outages to the system on Friday 21 September 2018 at 5.30pm until Saturday 22 September 2018 at 1.00pm.   Therefore,   Workspace Creation,   Land Title Reference Verification,   Lodgement Verification   and   Lodgement   won't be possible via PEXA during this period.     Kind regards Jarrod ... View more

  When dealing with new residential premises or potential residential land, purchasers are now required to pay the GST on the purchase price directly to the Australian Taxation Office (ATO), in a legislation change effective 1 July 2018. Previously, developers were responsible for this payment.   The new legislation applies to land contracts in effect on or after 1 July 2018. This has been introduced to increase transparency in the GST collection process and prevent illegal phoenix activity.  The amount of GST payable remains the same. Transfer of title is not conditional on payment of the GST withholding amount to the ATO by the purchaser.   PEXA provides a simple method for completion of this task, offering practitioners greater efficiency and visibility around GST. Clarity around the payment of GST will be also beneficial to developers.   The vendor is entitled to GST input tax credits for the withheld amount the purchaser pays. If the purchaser withholds an amount from the supplier, but does not pay it to the Commissioner, the supplier will not be entitled to input tax credits.   As part of PEXA’s Release 8.0 , a new disbursement line item category has been added in the Financial Settlement Schedule titled GST Withholding to complete this action. This category is available to the Incoming Proprietor and Proprietors on Title.   Upon selection of the category GST Withholding:   PEXA will auto-fill the ATO BSB and Account Number fields PEXA will prompt you to enter the ATO Payment Reference number Once the GST withholding destination line item is created, it will be available for view by both the Workspace Participant who created the line item and the Workspace Participant identified as the Associated Subscriber As per the existing PEXA process for third party disbursements, both the Workspace Participant who created the line item and the Workspace Participant identified as the Associated Subscriber will be required to digitally sign the line item All Workspace Participants having created Source and Destination Line Items or identified as an Associated Subscriber to a destination line item in the Financial Settlement Schedule, will be able to prepare a Settlement Statement An overview of the process can be found below.     ... View more

From December 1 onwards, all combinations of eligible transfer transactions and caveats will move online in WA. The upcoming weeks and months are crucial as our industry prepares for this digital shift. As we enter this period, it’s important to ensure your business is digital-ready – and we’re here to help you prepare. Understanding the new requirements is vital and we want to help you get to speed as soon as possible to enable you to transact efficiently and effectively following the compliance date. The below transactions commenced after 1 December, both singly and in combination, will need to be completed electronically: Mortgages Discharge of mortgages Transfers Caveats Withdrawals of caveats Landgate provides a transaction eligibility list which can be found on their e-Conveyancing webpage while  OSR provide insight on their e-Conveyancing page and in their transaction guidelines. Working together is key so please reach out to us if you require support. ... View more