About Karolidis_and_Co

Appears to be an unfortunate circumstance that obviously has brand/reputation issues, prompting the recent "guarantee" from PEXA to ensure practitioners are comfortable and able to deal with backlash... personally I do not have an issue with how PEXA have dealt with the issue recently. ... View more

Hi Christine    My understanding is that if there is a self representing party not PEXA registered it is not a mandated PEXA settlement and can happen via paper. Happy to be corrected of course.  ... View more

Hi there   On the participants page click the action icon on the right and select Edit Party, on the next page you should be able to select "I represent this party".   Regards Nick ... View more

Looking forward to councils and water authorities being able to see the NOA via PEXA, more importantly though the SRO need to be able to receive payments via PEXA as opposed to receiving a manual cheque..... ... View more

All too common unfortunately, some workspaces have banks ready a couple of weeks ahead with funds loaded. Others a minute before or hours AFTER with limited or no correspondence on the workspace or by email... ... View more

I expect this is at the forefront of their mind. Out of curiosity, which lenders have you encountered that are not PEXA registered? We haven’t had any in the last 6 months (perhaps luckily?) ... View more

This sounds fun...   Agree with Ben however assuming you’re in a jurisdiction such as VIC, does t the transfer HAVE to take place via PEXA? Are they then required to appoint someone to complete?  ... View more

A conveyancer, lawyer or mortgagee is required to take  reasonable steps to verify the identity of a client  or mortgagor.  How that is done is up to them . ... View more

My understanding is that the nomination is required to allow the transaction to proceed via PEXA. ... View more

Agree with the above, new eCT will be issued and paper title must be destroyed.  ... View more

A conveyancer, lawyer or mortgagee is required to take reasonable steps to verify the identity of a client or mortgagor. How that is done is up to them. The conveyancer, lawyer or mortgagee can undertake the verification of identity of a client or may decide to have it done by an agent (including an Identity Agent).   I would suggest raising these questions with your lawyer and working out an appropriate solution with them. ... View more

Well done Peter! We’ll get there eventually...... ... View more

Hi there   Have found MSAs required timelines are sometimes impossible to comply with however brokers/the bank are often able to escalate so that a shorter timeframe can be adhered to. Suggest escalating where possible (shouldn’t be needed and not always going to work of course but worth trying).  ... View more

Hi there   Identity documents must be provided regardless of whether you have engaged a solicitor or not. The guidelines from land titles regarding self representation specify the ID requirements that a self represented party must undertake because when using a representative it is their responsibility to ensure they have verified their client’s identity.    Do you have other ID that may satisfy your solicitor (passport, licence, etc)?    Regards Nick ... View more

Hi Brett   I think this has occurred to us once before and when we inquired I believe there was a delay in the financial but not the registry section due to a connection issue with the financial institutions.  Could be different in your circumstances.   Regards Nick ... View more

Hi Paula   I believe you'll need to remove the settlement from the Settlement Screen (using the button next to change settlement date).   Regards Nick ... View more

What are the key issues expected with the upcoming compulsory roll out and what will PEXA be doing to prevent inefficient experiences by members.  ... View more

These are fantastic changes, hopefully this results in more efficiency and reduction in stress (assuming they are adhered to!) ... View more

This does seem to be a consistent complaint and with the increase in volume, I do not see how PEXA can follow up with the banks and to be honest no one should have to...   Instead, I believe the "solution" might be for a consistent minimum time period to be set "from the top" and monthly reports regarding how punctual the various banks are ie. 75% of funds loaded/confirmed at least 24 hours prior to settlement, etc.  Surely the software can be adapted to provide for such reporting.     ... View more

Hi Brett   Thats great to know. Does anyone know if any of the other banks have a similar system?    Regards Nick ... View more

Completely agree with the above, the process is much worse than paper IF the incoming/outgoing mortgagees leave routine matters to last minute, do not answer conversation messages for days or require 2/3 follow ups.  I am concerned that the ability to settle at the last minute is building more "fat" into the transaction and some bank team members pushing things to the last minute compared to the prior process of at least being ready for payout figures/available funds a day before settlement...   For a transaction today we were notified by a major bank that there was no linked account for shortfall 3 hours prior to settlement and the client had to run around to transfer funds into our trust account.  Not sure what would have occurred for those practitioners without a trust account however this was very frustrating for the client as you can appreciate.     ... View more

Hi @GeorgePolus   Thanks for the reply.  The update sounds interesting.   It does however raise the question that if we can re-assign, does this not mean that the line items should be correctly raised as either vendor or purchaser line items.  My understanding is that vendor destination items are those that are effectively a breakdown of the amounts owed (balance of purchase price + adjustments) and therefore should they not be treated as vendor items?   Does the update also allow vice-versa i.e. purchaser to vendor or just the way stated i.e. vendor to purchaser..?   Regards Nick ... View more

Hi Shritu   From my experience Citi do not allow DA to be sent via email - only fax or post.   An alternative if you don't have fax (not sure why some dont accept email this day and age!) is to use one of the online email to fax providers (google will show you a few different options and I believe some have free trials...)   Regards Nick ... View more

Hi there   I believe the vendor's representative add the council/water rates, etc. as it reduces the amount payable to the vendor.   The vendor destination items should add up to the "balance due to vendor", similar to the vendor representative advising that the breakdown of cheques are e.g. $100 water, $200 council, $remaining vendor amount = total balance due to vendor in statement of adjustments.   Regards Nick ... View more

Hi Ken   When you represent both parties to a transaction in PEXA, you must add the other role in Workspace Settings by doing the following:   1. View the workspace to which you wish to add another role; 2. Go to Workspace Settings (left hand side of the screen); 3. "Edit" Role Settings; 4. Select the role you wish to add, edit your reference, click "Add Role" and "Save"   Once you return to the Dashboard, you will see that a new workspace for the additional role has been created.   Separately I expect you'll still need a transfer and to go through the relevant duties verification (even where exempt) to proceed with the transfer. ... View more