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since ‎25-07-2016
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SF
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Latest Contributions by SF
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Pay out figures

by SF in Ask the PEXA Community
‎31-10-2019 09:28 AM
3 Likes
‎31-10-2019 09:28 AM
3 Likes
CBA have done it again. Contracts exchanged 10/10/2019  settlement due 31/10/2019. Received a request from CBA 15/10/2019 asking "please advise if clients have enough money to pay out loan". Our response was "please advise amount required" The response then from the Bank was "cannot  provide as settlement too far away" We pushed to receive draft settlement figures so we could advise amount available and advised CBA of this on 18/10/2019. This morning we have received a message from CBA "there appears to be a shortfall, can you arrange with clients to come up with funds?" So we are now trying to contact our client to see if they can come up with the shortfall.  Service standards for PO figures and source funds from Banks need to be urgently reviewed as being advised on the day of settlement is not sufficient and results in extra work and stress on Solicitors and Conveyancers.     ... View more

Purchasers equity funds

by SF in Ask the PEXA Community
‎07-06-2019 12:07 PM
3 Likes
‎07-06-2019 12:07 PM
3 Likes
I have a settlement due today at 2.00pm. On 30 May 2019 a conversation was forwarded to our IM (CBA) advising clients equity funds , which CBA acknowledged. Am I correct that as it is the day of settlement this should have been updated by 10am? On calling CBA I have been advised they will update half an hour prior to the settlement time. This is not good enough and leaves little time to arrange for the matter to be signed off.  ... View more

Re: Non financial settlement transactions

by SF in Ask the PEXA Community
‎24-05-2019 02:43 PM
‎24-05-2019 02:43 PM
Hi Nick   Thought as much but just checking.   Thanks. ... View more

Non financial settlement transactions

by SF in Ask the PEXA Community
‎24-05-2019 01:34 PM
‎24-05-2019 01:34 PM
With a non financial settlement can fees for Revenue Duty be debited from our Office account not our Trust account? ... View more

Re: Spouse Transfer

by SF in Ask the PEXA Community
‎15-05-2019 02:08 PM
1 like
‎15-05-2019 02:08 PM
1 like
Hi MDM, My reply was applicable to NSW not sure if applicable for other states. EDR in NSW will not accept consideration as $0.00 therefore we need to enter as $1.00.  ... View more

Re: Spouse Transfer

by SF in Ask the PEXA Community
‎15-05-2019 01:45 PM
‎15-05-2019 01:45 PM
Hi MDM Think you need to enter the consideration in as $1.00 for it to accept. ... View more

Re: St George, Bank of Melbourne, BankSA & FMS Fee...

by SF in Announcements | Outages, Service Charter updates etc
‎15-05-2019 01:20 PM
2 Likes
‎15-05-2019 01:20 PM
2 Likes
As an old Bank employee, I am aware that an indicator post nothing was able to be loaded onto the client's account. This had the affect that if anything was received into or funds or debited from the account  it would be rejected. Is there a reason why the same type of indicator cannot be loaded onto the clients account 24 hours prior to settlement, therefore allowing for a final PO to be issued? Some other FI do actually do this and forward a conversation to advise the client the account will be frozen. ... View more

Transfer under s104B of the Duties Act

by SF in Ask the PEXA Community
‎15-05-2019 01:03 PM
‎15-05-2019 01:03 PM
... View more
Category:
  • Document Preparation

Re: PAYOUT not entered less then hour before settl...

by SF in Ask the PEXA Community
‎01-04-2019 10:25 AM
3 Likes
‎01-04-2019 10:25 AM
3 Likes
I totally agree.   We have also had a number of instances where we have been advised the PO will be loaded prior to 10am day of settlement, only to be still chasing well past this time and sometimes up to 15 mins prior to the actual settlement time. Then we are reminded via a conversation that WE need to sign off in PEXA for settlement to proceed.   What then happens when the PO figure is more than available funds at settlement?  We need to request a release of deposit with funds to be paid to either our  Solicitors Trust account:- delays of 24 hours or more or to the PEXA settlement account a delay:- 3 days.   I have worked in a Solicitors office handling conveyancing for over 15 years, our policy has always been to work and provide clients with full disclosure of fees and charges prior to settlement. We are now forwarding correspondence to our clients stating "to be advised due to your lender not providing details".     The pressure is always on Solicitors and Conveyancers to get documents in the prepared stage to satisfy the Banks however the Banks do not reciprocate.   PEXA is becoming a "one way street" to satisfy the Banks with little or no regard as to client's needs or customer service. ... View more
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