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Wednesday
CBA have just advised the document has been lodged as stand alone discharge - it will take 2 working days to register in SA and (hopefully) be registered Friday if not Monday - our incoming bank will not settle until registered (our transfer scheduled for Friday).
Westpac did the same thing - lodged D/M on Monday - and I emailed SA LTO to get them to register urgently so we could settle
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Wednesday
1 like
Three times now - loan is repaid and the Bank withdraws from Settlement - because it is their policy to lodge a stand alone discharge. SA Land Registry take 2 days to register a PEXA document - and CBA, WESTPAC & St George have all chosen to lodge stand alone discharges when they know we have a workspace with a transfer. I understand this is cheaper for the banks - but I think there should be a limit on the time frame that they can lodge a stand alone discharge - or be forced to join the transfer workspace. Todays Settlement will be held up by a Westpac stand alone discharge lodged 2 days ago. I am still waiting on CBA to lodge a stand-alone discharge for a Settlement in 2 days time (after they withdrew from workspace - "not their policy to join transfer settlements for repaid loans" A time guideline should be in place to force banks to join transfer workspace if a discharge is required within 7 days (rather than them do stand alone)
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26-06-2017
10:35 AM
We have the same problem - they are looking into it - we had urgent conversations and Settlement "rollover" that were received the next day - long after the Settlement completed email !
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23-06-2017
10:00 AM
Dont know what happened - but we are receiving email - the next day - up to 14 hours later - urgent ones like conversations 1/2 hour before Settlement and uploading of payout and settlement delay ! - Hopefully PEXA will sort out soon ?
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14-06-2017
10:47 AM
Excellent news - thank you !
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06-06-2017
02:39 PM
Thanks Brett, We get confirmation of settlement through quickly - but 3:05am Saturday we received emails relating tot he Settlement that rolled over 90 minutes on Friday 11:00am (email sent at 11:00 CST)
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02-06-2017
10:13 AM
1 like
I have had a couple of instances where I have had to shorten the account name on the destination funds more than I would like to. We need to add AND and not abbreviate to & and the field is simply too small to put in the account name. Is the size of thie field going to be increased in the near future ?
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22-05-2017
04:05 PM
I have also had problems receiving emails - Friday 19/5 Settlement went through at 10:00am - - HOWEVER - we received our advise after 4:22pm (it was sent at 10:30am) Previously we had a Settlement 17/5 that rolled over from 11am - eventually settled at 3:30pm- there were issues - lots of conversations with Banks - but we were receiving all notifications at least 4 hours after they were sent. The delay on the emails being sent by PEXA - appears to be getting longer - (no problems with us getting other emails and our webhosting has said it is not on the receiving end) Hopefully Pexa can address this problem soon !
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21-04-2017
06:18 PM
4 Likes
Really good news - last week the funds took until the close of trade the next working day to hit clients account TODAY - I did another Settlement with funds transfer to the same Credit Union - funds hit the clients account not long after Settlement. I think the problem has been solved ?
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19-04-2017
12:38 PM
1 like
This was in no way the fault of PEXA - the Credit Union involved admitted that it was a problem because of their systems - they bank with the National Bank - and their system does not provide for immediate cleared funds.
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18-04-2017
05:58 PM
My Settlement last Friday went through with no drama - my Vendors proceeds were paid into a Credit Union, I assured my client that her funds should be in her account - but after talking with the Credit Union, I discovered that PEXA indeed did pay the funds into the Credit Union, but the funds are not dispersed into the clients account until the next working day. My client, was in Adelaide, and needed to draw on those funds.
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28-03-2017
06:35 PM
3 Likes
Thanks Ames, I suppose we all learn to walk before we run, and we are being helped to walk by the wonderful PEXA staff. I pity those who dont take up PEXA now, as our Land Registries will all force us to PEXA eventually - and they will have so many options, without their "walking helpers" Hopefully it will be an upgrade often as family trust and self managed superannuation are big clients Kind regards Michelle
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24-03-2017
02:13 PM
1 like
I could do more Settlements on PEXA if we could put in "with no survivorship" as a manner of holding. All transactions where the purchaser is a family trust or a self managed superannuation fund - we are unable to settle on PEXA because it does not allow this manner of holding land - these are no more difficult than Joint Tenants or Tenants in Common
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01-02-2017
11:26 AM
1 like
I have noticed that the ability to email the agent is with the representative that created the workspace - sometimes the incomming party representative creates the workspace - then only they have the ability to email agent and not the proprietor on title's representative (ie - as the Vendors representative - we need to be able to put in the Agents email) PEXA should look into having the ability for both representatives to put in an email address (or just the proprietor on title)
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