My recent PEXA experience has been a nightmare with hours of my time wasted.
The main problem with paperless transactions is even worse in PEXA when other parties, from my experience the Bank and a conveyancer for a vendor, ignore conversations completely and think its OK to do everything on the morning of settlement.
The bank failed to create a mortgage despite repeated requests and kept asking me to provide a Transfer which had been completed in PEXA for weeks. There was no point trying to escalate via the branch since they had no clue about PEXA matters. I found myself on a merry go round between the bank and the other party with each insisting the fault was with the other.
PEXA was no help-wait on hold for 1/2 hour and then they send an email, which the bank ignores and no follow up by PEXA-probably that would happen on the morning of settlement too.
The conveyancer cannot see why she should confirm settlement figures or input her financials until the last minute. Replying to conversations or emails is obviously too much trouble too.
All parties need to understand that settlement dates are not optional dates you aspire to achieve if good luck holds. Settlements need to be set in advance so if there is a problem it can be fixed before settlement.
With property prices so high in Sydney the consequences for a delayed completion by a purchaser is very expensive. For both parties the costs of removalists and alternative accommodation is just a waste of money and stressful for all.
Interested to hear if others are as frustrated as I am and what can be done to make all parties more accountable for doing their jobs properly and in a timely manner.
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