About dkillen

dkillen · ‎27-03-2018

Hi @AmandaKeenan, Thank you for all the help and assistance that you have given the team at Killen & Associates in getting to PEXA Certification. David.

dkillen · ‎14-02-2018

Hi @Christine58 With respect to time being of the essence you should probably look into the drafting of your notice to complete. Normally, a notice to complete (in NSW) would stipulate a date on or before which completion must take place. A notice to complete frequently nominates a time and place on that date on or before which settlement is to take place. This was necessary in a paper world where all parties needed to attend a settlement. I'd suggest to you that the date is the essential term, not necessarily the time at which settlement takes place. In any event, your notice to complete if drafted appropriately could provide for slippages in settlement time in PEXA. You may wish to refer to the judgment of Barwick CJ and Jacobs J in Neeta (Epping) Pty Ltd v Phillips (1974) 131 CLR 286 at 299 which may provide some clarity in relation to notices to complete. You should research this and come to your own conclusions. In relation to issues with a PEXA settlement it pays to consider what actions you would take if it were a paper settlement. What would you do if the other party failed to attend? What would you do if they informed you that they couldn't attend at the nominated time but, could do an hour later? With respect to the documents becoming unsigned as the result of the changes by the defaulting party, I doubt very much that the actions of a defaulting party in those circumstances would entitle the defaulting party to terminate the contract. The innocent party is still innocent, it is only through the actions of the defaulting party that they have become not-ready to settle. I suggest that maintaining a vigil on your PEXA workspace is these circumstances is a good idea. This is an issue that requires some research and possibly judicial consideration before there is a definitive answer.

dkillen · ‎12-02-2018

Hi @Marty, I'm in favour of the reminder being system generated. A reply period of 48 hours is probably sufficient at the outset. I wouldn't make an initial reminder any sooner.

dkillen · ‎12-02-2018

Hi @GeorgePolus, Thanks for your prompt reply. This wasn't our first PEXA transaction, just the first where we held a paper CT without a CAC. Fortunately, we were able to get it settled without any problems. When preparing the consent you either have a CAC or you don't. It seems to me that a warning at the time the consent is being prepared may save others some time and frustration. Kind regards, David

dkillen · ‎12-02-2018

Thanks @EmilyBilling, you're a champion!

dkillen · ‎12-02-2018

We recently acted in a transaction involving the sale of unencumbered land. We held a paper CT. It was an old paper CT without a Certificate Authentication Code. It was our first PEXA transaction that involved a paper title without a CAC. We attempted to add a CoRD Holder consent which failed. However, there was no indication as to why. We eventually found out that it was due to the CT having no CAC, which meant the CT had to be produced at Land & Property Information. This was the day prior to settlement. Fortunately, we were able to get the CT to Sydney and produced so that settlement could take place. It would have been nice to have a simple alert or warning when we attempted to create the CoRD Holder consent that we would have to produce the CT at LPI. While this issue may vanish as paper CTs are converted to eCTs it was an issue that may have delayed settlement. That could be avoided if the reason for the failure of the CoRD Holder consent was clearer and presented when preparing the consent.

dkillen · ‎11-02-2018

@LodgeX, agreed. Those are some very handy features. Quite simple changes but, they will make life with PEXA a little easier.

dkillen · ‎09-02-2018

Hi @IndikaWimalasiri, I find that a password manager is a very effective way of ensuring that my passwords are both strong and secure. I personally use LastPass, however, there are a number of other good solutions available. The thing that I like about LastPass is that there is a plugin for each browser that I use as well as apps for all my devices. Cheers, David

dkillen · ‎09-02-2018

Hi @EmilyBilling I have the same problem. I submitted by answers to checkpoints for Modules 1 & 2 yesterday and have heard nothing so far. Kind regards, David Killen

dkillen · ‎09-02-2018

Thanks NAB. I wish all banks would provide something like this. While it may not solve every problem, its good to know the process that you're expecting to follow.

dkillen · ‎08-02-2018

Hi Chris, Where there is an unencumbered title, the party having control of the right to deal is the registered proprietor of the land. Only the registered proprietor can provide consent in those circumstances. One thing that you should be aware of where there is a paper CT is that, if the CT is an old CT without a Certificate of Authentication Code the CT must be produced to LPI. I hope that helps.

dkillen · ‎08-02-2018

Hi Clara, Whether a vendor is entitled to interest for the purchaser's failure to settle on the nominated date will depend upon the terms of the contract. Most contracts will include a special condition that entitles the vendor to interest on any amounts unpaid as from the completion date to the actual date of completion. Normally, if the vendor is not at fault for the delay in settlement and is ready to settle, then the purchaser can be required to pay interest in addition to the balance of the price. In short, always refer to the particular terms of your contract.

About dkillen

Re: PEXA Direct - Life on the Road - Orange Roadsh...

Re: Notice to Complete when time is essential

Re: Following up outstanding invitations

Re: Prompt to produce paper CT (NSW)

Re: NAB Transfer Checklist

Prompt to produce paper CT (NSW)

Re: Funds required to settle amount

Re: Password Security

Re: PEXA certified

Re: NAB Transfer Checklist

Re: NSW CoRD consent for standalone mortgage

Re: Banks delaying settlement