About Clara

Clara

If they are linked together, what happens during and after settlement?

Clara

When is the best time to do the EDR process if stamp duty will be paid on settlement day?

Clara

Thanks Marty, I just sent a conversation to the MoT, not sure if they work on weekends. Hope they do it before 12:00 on Monday which is the settlement day. I wish these banks do not need to be reminded of their task.

Clara

Yesterday, my remaining task is to "Complete Lodgement Instructions" which I followed. However, this morning, I saw that there is an outstanding task for me to "Complete Lodgement Instructions" again. I clicked "Complete Lodgement Instructions" again and after I saved it, it was unsuccessful. Do I need to wait for the incoming Mortgagee to do something before I can "Complete Lodgement Instructions"?

Clara

In relation to this question, what if I am not sure of the exact amount to be deposited into the PEXA source account but wants my client to make the deposit early to beat the 3 day fund availability deadline, can I ask my client to deposit in excess of my estimate. What happens to the excess after settlement, what is the procedure for the return of the excess funds.

Clara · ‎21-08-2018

Yes you can accept the invitation prior to your clients signing a CAF as long as you do not sign any PEXA document prior to receiving the signed CAF.

Clara · ‎21-08-2018

Thanks, @DMc, I clicked on the pop up on the top right hand of my browser and was able to open the file. Lucky to have you all to help with these.

Clara · ‎21-08-2018

Just want to clarify your response, so is it enough to enter details for one of the two mortgages and both mortgages will be discharged?

Clara · ‎21-08-2018

Thanks Marian.

Clara · ‎21-08-2018

There is no need to do a manual final search for PEXA settlements.

Clara · ‎16-08-2018

The vendor's conveyancer has sent a settlement adjustment file but I am not able to open it. What may be the reason?

Clara · ‎08-08-2018

I agree, I cannot understand why banks have to wait 10 minutes before settlement before they sign and I could not even eat lunch properly as I have to nervously wait wondering if the matter will settle or not. Why do we have to send a conversation for them to act and do what they have to do and they do not even respond!?

Clara · ‎08-08-2018

I also need to know the answer to this question as I have the same problem and would not know what is the best thing to do.

Clara · ‎08-08-2018

I am following the responses to this thread, and I do not understand what "nomination" means. When does it happen and who can "nominate". I am trying to educate myself with the various steps in a PEXA settlement and have not encountered this situation with the few matters I have done so far. Please bear with my ignorance.

Clara · ‎31-07-2018

Are we still able to register them at the Land Titles Office because last time, we were advised by LTO to ask our client to go to the LTO to register these themselves or do it thru PEXA. Our clients did it themselves, as advised by LTO, because they did not want to pay additional professional fees if we register thru PEXA. But how do we create a workspace in this situation?

Clara · ‎31-07-2018

After a paper settlement for a purchase matter is finished without an incoming mortgagee, what do we do with the Transfer, Certificate of Title and Discharge documents received from the Vendor's outgoing mortgagee bank? Can we only register these thru PEXA. What are the steps and costs?

Clara · ‎20-07-2018

Thank you so much and congratulations to the Community which I belong!! Also thank you for the cute mug and chocolate for being a Top 5 Contributor.

Clara · ‎18-07-2018

The incoming mortgagee has uploaded the loan funds but not the funds coming from the client, therefore the amount of the source fund is not the same as the adjustments amounts yet. Can I already sign all the documents including the Financial Settlement Statement, 2 days before the scheduled settlement date?

Clara · ‎10-07-2018

Hi Ames Thank you for your response to my query. Just a follow up question. Is there a way to avoid completing the Error Resolution to avoid delay in settlement as we are not able to edit details already entered during stamping.

Clara · ‎09-07-2018

I have 2 questions about stamp duty in PEXA: 1. What do we do if stamp duty was already paid before PEXA invitation was accepted and answered "NO" to the question "is this transaction be through PEXA?". 2. What about in a situation where during the PEXA transaction, your client wants to pay the stamp duty from their own funds and not to be taken from the settlement funds? Thanks in advance. Clara

Clara · ‎20-04-2018

That is what I am worried about, we do not operate a trust account and if banks do not tell us early that they do not hold authority, we will not have enough time to request for clients to create and deposit to the PEXA source funds.

Clara · ‎19-04-2018

I have been audited after my very first PEXA settlement. I tried my best to respond to each of the question, emailed all the required documents, including the CAF, VOI, etc. I got a satisfactory response a day after.

Clara · ‎19-04-2018

Thank you for this info, it will definitely save us a lot of time!

Clara · ‎17-04-2018

Hi George Thank you, @GeorgePolus for your quick response to my question and also to Sharon Ladkin, PEXA Specialist, for helping me with this issue. To answer your question, yes, my client will be paying stamp duty thru PEXA on settlement as all funds will be provided by his bank. So this is what I will do: process stamp duty thru EDR, then say "YES" to the question asking if settlement will be thru PEXA, so in this way, I do not have to comply with the remittance time frames, right?

Clara · ‎17-04-2018

I also need to find out the response so I will know how to deal with a similar situation in the future.

Clara · ‎16-04-2018

I totally agree with you Courtney. After my unpleasant experience with these banks, I am having second thoughts of settling thru PEXA unless it becomes unavoidable.

Clara · ‎16-04-2018

If the purchaser is paying stamp duty on settlement, do we have to wait for the last day to enter details on EDR. Our concern is that once we enter details at the early stage, we are only given 5 days to remit.

Clara · ‎04-04-2018

That is great, can't wait for this to take effect from 21st of May.

Clara · ‎21-03-2018

Yes, I agree, hope it will be soon.

Clara · ‎21-03-2018

Hi Peter We have the same sentiment. Now, I avoid settling through PEXA and prefer paper settlement. My blood pressure reading is back to normal.

About Clara

Re: Can a workspace have a property in Victoria an...

Stamp duty payment on settlement

Re: When can we "Complete Lodgement Instructions"

When can we "Complete Lodgement Instructions"

Re: Pexa source account

Re: Accepting an invitation

Re: i can't open files that are uploaded can you h...

Re: Discharge two mortgages on one document ?

Re: unable to open a file

Re: Final Search for Purchase Settlement

unable to open a file

Re: Bank Delays

Re: Stamp Duty

Re: Lodgement Instructions

Re: What to do with the documents from the vendor'...

What to do with the documents from the vendor's ou...

Re: Community Turns Two!

Signing documents

Re: Stamp duty payment

Stamp duty payment

Re: CONTACTING BANKS

Re: Audits & Examinations

Re: CBA Transfer Checklist

Re: Stamp duty to be paid on settlement

Re: Transmission Application NSW

Re: CONTACTING BANKS

Stamp duty to be paid on settlement

Re: Notice of Sale, Sec 22 Notices

Re: The "PEXA PANIC" Is Becoming the Norm - Some T...

Re: The "PEXA PANIC" Is Becoming the Norm - Some T...