About Cory

We just had a conversation with NAB settlements advising that they now only accept settlement dates 2 days before settlement even if they are ready sooner.   I just don't understand the reasoning.  I always accept the settlement date but I still have to order searches, do figures and set up settlement but I accept the fact that is the settlement date to which I must be ready for.  We are only asking that you accept a settlement date which indicates to us that you are ready for settlement.  I get it that last minute issues may arise.  Do we need another status of "ready but not telling anyone just in case..." ?   What if everyone in the workspace took this stance ?    Can someone from NAB shed any light  ... View more

I recently opened a workspace to register 2 leases on one title.  The workspace went to lodging and then stopped for a couple of days.  Then I received via email the requisition from NSW LRS that we had entered "WHOLE" instead of "PART" in the drop down box.   I was advised by NSW LRS to rectify the error that I now have to send the leases down to NSW LRS for them to fix it (kinda defeats the whole purpose of PEXA but that's another conversation for later).   I accept the error but why did PEXA data entry allow me to make the error ?  If there is more than one lease to upload you should not get the option of WHOLE it should tell you that there is an error in your data entry.  The data entry should be a formula along the lines that leases greater than 1 should only be allowed the option PART.  PEXA can you please respond if this can be fixed on the data entry screen ?   I am also not sure how this is going to be fixed because NSW LRS are telling me they have no access to the PEXA workspace and PEXA are advising that i can't cancel or amend the workspace as it has started processing and is locked. So who has the key to open it and fix the error ?  So I now have a PEXA workspace 3/4 of the way through a process stuck on "LODGING" with a pending settlement next week.  Also - we were unable to process these leases on the sale workspace because the names didn't match up.  So act cautiously if you think that registering of leases can be incorporated into a sale/purchase workspace as it was not possible in our case.   I await feedback from PEXA and NSW LRS   Thanks     ... View more

I have a client who is the registered owner of a property with no mortgage.  It is her principle place of residence. I have the original CT.  She was recently married and now wants to bring her partner on title and change her name to her married name.   We have contacted PEXA, Revenue NSW & NSW LRS and have been told both that this can be done on PEXA and it can't be done on PEXA.  Can you all please reply to me and let me know what the answer is ?   SURELY this should be able to be done on PEXA and if not why not ???   thanks   ... View more

PEXA - can you please add a facility similar to "total funds required to balance" for incoming mortgagee for the outgoing mortgagee ?   When acting for a vendor we advise the banks 2-3 days in advance as to how much money they will be receiving.  We then get a conversation back saying that even though we have advised the bank of the total funds they will be receiving, they will upload the POF on the morning of settlement then WE have to do the simple calculation of "funds received - POF = surplus funds" and then advise the bank of the surplus funds amount, then the bank will go back into the workspace and enter the surplus funds amount.  This is double handling.  Why can we not advise the bank of a figure,as soon as known, enter the figure and then the banks balance to that figure just like we do when acting on a purchase.  Surely its the same principles and it is a far more efficient and effective way to handle the process ?   I would appreciate feedback from PEXA and the representatives of the banks that monitor PEXA Community   Thanks ... View more

Can NAB and PEXA get together to sort out NAB's requirement for the legal rep to provide a hard copy of the transfer after exchange ?  The Transfer is uploaded on the PEXA documents why does it need to be manually printed out by the legal rep and then forwarded to the banker who then forwards it to another department who then forwards it to NAB PEXA ?  Whilst I believe that the mortgagees cannot see the Transfer until it is in "prepared" status surely PEXA can allow them to see something that will meet their requirements ?  Far too much double handling and I am not asked this by other banks they all seem to be happy with the status of the Transfer that shows on the PEXA workspace. ... View more

Thank you Marielle for your blog in relation to the banks.  It was extremely informative. The one thing that always comes up with banks is their workload and how as conveyancers we make it difficult for banks because we try to contact them too much.  We try to contact them because we are acting for humans (clients) in one of the most important transactions of their life.  These clients ask us questions and are on set time frames that need to be met otherwise there are financial and emotional consequences.  I have been doing conveyancing for over 18 years and have spent endless hours on the telephone waiting for banks.  I now write conversations (not high importance) on PEXA to banks and wait for a reply.... 24-48 hours pass and even 1 week will pass and I do not get a reply that is when I re-send the conversation and mark it "high importance" and start reverting back to calling the settlements booking line and go back to waiting anywhere from 15-40 minutes. I also mark conversations on the day of settlement "high importance" because they are !   This industry is high paced and stressful.  We are all busy and as conveyancers we adapt.  If the workload becomes too much we work more hours or employ more staff.  I am so sick of hearing that banks are busy and have high workloads and we as conveyancers need to be more patient and not be so needy in wanting our matter to settle on time or asking relevant and important questions.  Why don't banks employ more staff and train them?  has that ever been considered a remedy to the banks high workloads or is it just easiest to blame conveyancers for doing their job ?   Marielle, I would really appreciate if you could ask the banks next time you meet as to why they simply do not employ more staff and train them.  A reply that they cannot afford it is not acceptable given the amount of profit that banks make.   I look forward to bank blog #3 ... View more

I have used the new Order on the Agent option in the Property Information selection a couple of times now and some of the agents have complained that they are not on letterhead.  One agent was going to contact Fair Trade to confirm if they were acceptable.  I tried to insert my logo into the PEXA system but it would not allow this.  has anyone else had this type of feedback from agents ? ... View more