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We’ve prepared a list of the most commonly asked questions relating to the PEXA Residential Seller Guarantee. Can’t find the information you’re looking for? Reply to this post and we’ll get back to you. If you're after information to provide your customers, you can direct them here: https://www.pexa.com.au/pexa-residential-seller-guarantee   What is the PEXA Residential Seller Guarantee? PEXA has introduced the PEXA Residential Seller Guarantee (PRSG) to provide protection to sellers of residential property in the event of certain kinds of fraud. Where the PRSG applies, the seller has the option to make a claim against PEXA, rather than seeking to recover the loss by an alternative means  Why has PEXA introduced a guarantee? PEXA understands that buying and selling a home is an emotional time for your customers and we appreciate the stress that can be felt when things don’t go to plan. We’ve listened to you and we’re committed to those who use our platform and the clients you represent. As your digital property exchange platform, we understand the role we play in maintaining the security of the network. Accordingly, the PRSG has been introduced to provide protection to sellers in the event of certain kinds of fraud.  What conditions must be satisfied in order for the guarantee to apply? The PRSG only applies in respect of the sale of residential property. The following circumstances must also be satisfied: (a) The seller provided the seller’s practitioner with payment instructions (i.e. bank account details). (b) The seller’s practitioner accurately entered those bank account details into the PEXA platform. (c) After (b) a fraudster gained access to the PEXA platform and changed those bank account details. (d) After (c) the practitioner approved the settlement (including the changed bank account details) by digitally signing the financial settlement schedule by applying their personal digital certificate and PIN. (e) Upon settlement, the relevant funds were paid into the fraudster’s bank account, and not to the seller’s bank account. (f) Within 3 business days of settlement (or such longer period as PEXA in its absolute discretion will allow), both the seller and the seller’s practitioner signed and lodged the PEXA claim form with PEXA. This form can be found here. If any of those circumstances do not exist, then the PRSG will not apply.  Is entering wrong bank account details due to seller’s instructions being intercepted covered? The PRSG does not cover the situation in which the seller’s instructions were intercepted, with the result that the practitioner entered the fraudster’s bank account details into the PEXA platform. Email is not necessarily a secure method of communication, therefore practitioners should confirm all account details by some other means of communication. How can my client make a claim under the guarantee? The seller will need to complete and sign the Claim Form. The seller’s practitioner is also required to sign the Claim Form as it contains warranties that are intended to confirm the existence of the set of circumstances required for application of the PRSG. The Claim Form must be received by PEXA within 3 business days of settlement (or such longer period as PEXA in its absolute discretion will allow). The claim form can be found here. The Claim Form can be submitted to PEXA by email to claim@pexa.com.au. How quickly will PEXA make a payment once the conditions for making the claim are satisfied? If each of the conditions for making a claim are satisfied, PEXA agrees to make the payment under the PRSG within 10 business days of receipt of the claim form by PEXA. Does the PRSG cover commercial vendors? The PRSG does not apply where the seller is a commercial vendor, such as a developer. The reason for this is that a commercial vendor will not be made homeless as a result of a fraud which the PRSG is intended to cover. Also commercial vendors are carrying on a business and should be better able to protect themselves vis-à-vis their practitioner compared to a non-commercial seller. Furthermore, the PRSG does not apply where a mortgagee or other third party is exercising a power of sale (ie. ATO, confiscation orders, sheriff etc.). Again, a mortgagee or third party exercising a power of sale will not be made homeless as a result of a fraud which the PRSG is intended to cover. Payments in these cases will not generally be paid directly to the proprietor. What will PEXA pay? The maximum liability of PEXA under the PRSG is $2 million in respect of a single settlement. Assuming all the conditions are satisifed and subject to the $2 million cap, PEXA will pay the following: (a) The amount of the “vendor’s funds” paid to the fraudster’s bank account which have not been recovered, returned or frozen by the receiving bank at the time the payment is made by PEXA; (b) Interest on that amount from the date of settlement until the date of payment by PEXA payable at the published RBA cash rate; and (c) Where the fraud has resulted in the seller failing to settle on a purchase of another residential property on the due date, rescission notice fees, reasonable accommodation expenses, penalty interest, reasonable legal costs and additional storage and removalist costs. What if my client’s loss is greater than $2m? If your loss is greater than $2 million, your client should carefully consider whether to make a claim under the PRSG, or whether instead to take steps to recover their loss by some other means. If your client makes a claim under the PRSG, PEXA will have certain rights. In particular, PEXA will have the right (to the exclusion of your client) to take action in your client’s name to recover the loss and may compromise or settle any such action on such terms as PEXA sees fit. Accordingly, unless PEXA agrees otherwise, you are not entitled to take action to recover the amount of your loss above $2 million. Moreover, if PEXA recovers any amount after making a payment under the PRSG, PEXA is entitled to retain the amount so recovered up to the sum of: (a) the amount paid by PEXA under the PEXA Residential Seller Guarantee; (b) plus any interest recovered on that amount; (c) plus an amount equal to any costs (including without limitation administrative, recovery agent, funding and legal costs) which PEXA has incurred in taking any recovery action, before paying the excess (if any) to your client. This could mean that your client recovers less in aggregate than your client’s total loss. ... View more

In the first of a number of initiatives to be rolled out across PEXA, additional tools are now in place to assist you in upholding the highest possible security standards to safeguard transactions conducted via the platform.   The following new features are now available: Authentication of new users Any new users created in an existing Subscriber account will remain in an ‘inactive’ status until PEXA activates them following identity and authenticity checks. The verification process will be initiated by PEXA with a phone call to the Subscriber. Authentication may take up to two business days and the new user will not appear in your user list until complete. Remember: only users who have been assigned signing permissions and have a bespoke digital certificate with accompanying password can sign documents and the financial settlement schedule in PEXA. Workspace time stamps for modifications The financial settlement schedule now displays the date and time of the latest changes made to destination line items, as well as the specific user who made the change. This can be used as an additional method to validate details prior to signing. The document signing screen also displays the destination line items owned by you based on your role in the workspace to assist with your final checks. More information on these features and what else is to come later in Release 8.0.2 can be found in the Release Notes.   Keeping the network safe, together In the coming weeks, PEXA will introduce multi-factor verification when logging in to PEXA. Once enabled, members will be prompted to follow a simple set-up process allowing their identity to be confirmed at log in. As ever, we encourage members to continue practising security measures such as verbally confirming bank account details with clients, not using public Wi-Fi for business, keeping security patches up-to-date and importantly, checking payment directions immediately prior to signing. If you have any questions around these new features, please ask here in Community. ... View more

Hi Community,   Last week, we informed our members of an incident whereby an unknown party gained unauthorised entry to a practitioner's compromised email account, accessed a change-in-password email sent from the PEXA platform and used it to gain access to the practitioner's account, creating a new user.   As an extra measure of assurance for your practice, you can check your PEXA account to ensure all users are authorised by following these steps: Login to PEXA as normal Select the Administrator Tools tab (the fifth tab on the grey ribbon) Select Manage Users. You can organise them in alphabetical order by clicking the column header you would like to sort by Look for any unusual or incorrect email addresses, additional users or change of permissions. You can view a user’s permissions by either: Clicking on the user in the list and looking at the box called User Permissions Clicking the action wheel, selecting Edit, and scrolling to the bottom to view the permissions If you suspect there has been changes or new users have been added without your consent, please delete the suspicious user account and contact PEXA at security@pexa.com.au   Current activities underway to bolster the security of the network As custodians of the network, it’s our responsibility to ensure all our members have confidence in the broader network. This means leaving no stone unturned in the management of security measures, and there are plans in place to deploy new features in the immediate future including: Increased monitoring of PEXA Workspaces: PEXA has been monitoring all Workspaces to identify any unusual activity surrounding password resets, new user creations and changes to BSB and account numbers. PEXA has been actively contacting practitioners to confirm any such activity is legitimate. No new instances of this fraud have been found and these continue to be isolated incidents. Creation of new users within existing accounts: As of this week, PEXA will only allow new users to be created to existing Subscriber accounts in an ‘inactive’ status, and PEXA will be required to activate them after verifying their authenticity.  Workspace time stamps: As of this week, PEXA will add a feature to the system which highlights the date, time and specific user that last updated the settlement schedule. This will provide an additional method to validate the details prior to signing and will be displayed on the signing screen. Multi-factor verification: Over the next few weeks, PEXA will introduce additional two-factor authentication. All Subscribers will be required to confirm their identity through this additional verification layer when logging into PEXA.   Keeping the network safe, together We encourage members to continue practising security measures such as verbally confirming bank account details with clients, not using public Wi-Fi for business, keeping security patches up-to-date and importantly, checking payment directions immediately prior to signing. Thank you for your understanding. If you have any concerns, and need to speak to us, please contact the PEXA Support Centre on 1300 084 515, available 8.30am – 8.00pm AEST Monday to Friday.   Lisa Dowie Chief Customer Officer ... View more

Earlier this week I had a jam packed 24 hours in the beautiful city of Adelaide, during which I had the chance to visit and chat to many of our PEXA members.  @danielroesler our Executive Manager of Practitioner Services SA whisked me around the streets of Adelaide in his small and speedy vehicle (its infamous, even got a mention at our recent roadshow event).  We started our Monday morning at Tuckfield Conveyancing, located in a beautiful part of town, Vale Park.  Tammy Edwards the owner welcomed us in with a warm smile and we sat around her meeting table to discuss how her business and the SA market are going with the transition to digital.  We all agreed that the regional area’s of SA are definitely taking up the adoption of PEXA at a greater rate than those in the metro areas, as the benefits are quickly realised for those in regional areas.  Tammy recently reached out to one of her peers who PEXA was celebrating for completing so many transfers.  Tammy wanted to know how they were doing it.  What a great example of peer to peer support, the industry helping one another.  Tammy has a number of strategies up her sleeve to create some real PEXA momentum within her office, stay tuned as we are going to follow up on Tuckfield’s progress in the coming weeks.  I also found out that Tammy has a great blog on her website, check out how their business name came about.  http://www.tuckfields.com.au/why-business-called-tuckfields/ We then got together with 7 PEXA members who really have lead the PEXA charge in South Australia, a great opportunity to show our appreciation for their support over the last 2 years.  As always, when we get our PEXA members together, the stories started to flow and everyone was sharing their tips and tricks.  Naomi from Boylan Lawyers who just loves PEXA quoted that she is often processing 70 to 80% of her files via PEXA.  Naomi travelled from Port Pirie to attend lunch and our roadshow the next day, love that PEXA passion! The afternoon took us to Johnston Withers Lawyers where PEXA enthusiast Gemma Wallace commenced opening the firms first development which will soon be uploaded to PEXA Projects.  Gemma who is passionate about conveyancing explained to us how important conveyancing is to their law firm and how it provided a consistent and reliable revenue stream which means the partners are keen to be progressive and ahead of the market when it comes to adopting PEXA.  Andrew Mitchard the Managing Director of Johnston Withers popped in to say hi and it was evident how supportive he was of Gemma driving their PEXA adoption.  Gemma has also kicked off an initiative to train their Settlement Agent on PEXA so she can begin monitoring and coordinating their PEXA settlements.  What a great idea, we will also report back on how this progresses over the coming months, @mkelly already has some training appointments booked in. 7:30am start on Tuesday morning at Adelaide Zoo for PEXA’s Your Network, Your Future industry event.  Close to 150 members in attendance.  Members heard from key industry participants such as Westpac, Land Services SA, Office of Registrar General, Revenue SA and AICSA.  My favourite session was the member panel where our members shared their PEXA stories, great job @BekHayes facilitating this insight session.  The vibe in the room was extremely positive, the key themes: Transformation taking place across the entire industry Feedback and collaboration was encouraged by all Member experience panel was insightful and powerful, no one says it better than our own members Key take away for attendees;  time to get on with it, 100% digital timelines are imminent, issue and accept all invites, Financial Institutions are working with us. The best part about my job is getting to meet so many people, building relationships and helping people transition their business to the digital era is such a pleasure.  A big thank-you to everyone I visited and to those who attended our events.  Your interest demonstrates your commitment to your network and your future.    Lisa Dowie PEXA, Chief Customer Officer ... View more

 The PEXA roadshow rolled on through northern NSW  last week.  We started our week on Monday evening with a Cohort dinner in the very picturesque Nelson Bay where 15 lovely ladies joined us to share a meal and to also share their PEXA experiences with one another.    It was great to hear that some firms are processing 80% of their files through PEXA, the number one take away from this evening was that our regional members have no doubt realised the benefits of settling online and they just want everyone else to get on board.                                                     Tuesday morning we kicked off Your Network Your Future roadshow in Newcastle where almost 200 PEXA members were in attendance to hear from David McDowell and Mark Smith about how the NSW ORG and SRO are driving their respective digital transformation agendas.  Based on members feedback regarding their interest in Cyber Security we included two guest speakers to ensure our members know how to protect themselves and their clients in this digital era.  Our very own @SBray Simon Bray shared what to expect from the platform in 2018 and it is fair to say our members interest peaked when hearing about PEXA Plus. We concluded our event with an interactive panel with representatives from across the network including our own members, Christine Thompson from Greater Bank and Dan Lynch from First State Conveyancing who shared their own PEXA stories.  A great turn out and a great vibe from our Newcastle PEXA members who by the way are some of our highest transactors in the country!  Great job @SallyKite, @RENELLEHIGGINS, @TheresaTing and @ceather for getting Newcastle up and running.   Newcastle Your Network Your Future First State Conveyancing team, top of the national leader board Next we boarded a very, very small plane to Ballina.  Whilst I had been warned about Pelican Air I don’t think I was prepared for the confined space on board or the fact that anyone could walk into the cockpit at any stage, but not to fear we all made it without incident.  Thursday morning we held our next roadshow event at the Ballina Jockey Club which overlooked the local racecourse, almost 100 PEXA members were in attendance an amazing turnout for a small regional area.  We had a similar line up of speakers to Newcastle however this time @GeorgePolus represented PEXA and Barry Goodwin from Lead Point and Amanda Edmonds from Edmonds Conveyancing joined us on the panel.  The Ballina members were so impressive with the practical questions they were asking, it was obvious we had an audience of super users on our hands.  Your members did you proud @SallyKite, @Morvanna, @TheresaTing and @Therese.   Thursday evening some of our Ballina members joined us on the banks of the river so we could thank them for all their PEXA support.  We shared a beverage, watched the sunset and listened to our members stories and feedback on using PEXA and our support services.   Ballina Roadshow Ballina Cohort Event Pelican Air It truly was a great week and a great opportunity to chat to so many of our members.  A big thank you to all our members who turned out last week, it was great to see how many of you are genuinely interested in your network and your future.  Thank you for your PEXA support!   Lisa Dowie PEXA, Chief Customer Officer ... View more

We had a fantastic industry day at the Your Network, Your Future Roadshow in Perth last week.  It was great to have such an engaging group of speakers to talk about not just the industry changes happening now, but also to give an idea of the technologies on the horizon and what the future of property might look like. Shout out to Sean Langton, Bankwest’s CTO who had everyone enthralled with a great presentation on future tech. With the industry in WA fast approaching the date for transfers to go digital it was a great chance to get an update from Landgate and PEXA’s Executive Manager Practitioner Services, @AngellaC, about the upcoming changes and the support services available for practitioners in WA. We ran plenary sessions where attendees had the opportunity to pick and choose what they wanted to know more about including hearing directly from our Chief Product Officer, @SBray on the enhancements planned for the PEXA platform and from a panel of members already using PEXA. The highlight of the day was having a panel of senior leaders from the major banks and Bankwest up on stage, fielding questions from the room about the challenges they’re facing and their readiness for May 1.   After answering the hard questions it was great to hear Jack Boyle from Challenge Settlements ask “Where can we improve to make life easier for you guys?” which really demonstrates the nature of collaboration this digital transformation has fostered. It’s not just practitioners helping practitioners learn PEXA or banks working with other banks to improve their processes it is an industry wide effort to adopt a better way of working together. And lastly, congratulations to @ValerieDeCosta6101 for winning our International Women’s Day themed prize, two tickets and an all-expenses paid trip to see Hilary Clinton in Melbourne this May. ... View more