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Hi Queenslanders,   One of the most common queries we are receiving relate to the intricacies of balancing the Financial Settlement Schedule.    For your convenience, I have created three simple rules for you to follow when completing the Financial Settlement Schedule (calculating your cheque directions in the ‘old’ language):      One   The Purchaser’s rep (Incoming Proprietor) needs to make sure that they account for all lodgement fees for which they are responsible. This includes the lodgement fees for the new mortgage.   In most cases, the incoming bank won’t automatically add another $192.00 for lodgement fees. You don’t need to change your settlement statement and add the lodgement fee for the mortgage if you don’t want to, but just add it onto the amount that you request from the bank or deduct it from the amount that the bank is providing.    Two   Both parties need to ensure that one of their payments (you can think of it as one of your cheques) is the PEXA fee. It’ll be there automatically. Think of it as one of the cheques you’re requesting and you’re handing it over to PEXA at settlement. Sometimes if there is a lawyer or conveyancer acting for a mortgagee, they may also have a smaller PEXA fee for the mortgage etc., so just watch out for that (however it’s quite uncommon).   Three   The following is how to check if your FSS balances when you’ve completed it before the other participants.  It will assist you to ensure you are not collecting or providing too much money.   Tips for smooth settlements:   Stamp nice and early, two days prior to settlement. This helps lodgement verification and fee population to happen and move the matter along. Sign off on your figures when you have completed them, don’t wait until they balance with the other side. Note that you are only signing off on your line items anyway.  It makes it difficult and more stressful for everyone when they’re signed only an hour before settlement. In the days leading up to settlement, check whether all parties have accepted the settlement date and time, especially if banks are involved.  This is the same as booking a physical settlement, so if your bank hasn’t accepted the settlement date and time, the settlement is not booked, and you will have to chase them up just the same as with a paper settlement.    If you have any queries, please don’t hesitate to post below or contact your PEXA Direct Specialist. ... View more

A huge congratulations to the ladies at GM Lawyers for graduating with their PEXA Certification.   As early adopters of Electronic Conveyancing in Queensland, it's been wonderful to watch them lead the Redland Bay Area.    Fantastic work team!                                    ... View more

Congratulations to the team at Bostock & Frazer Lawyers for hitting this massive PEXA milestone.  With their first transaction completed in 2015 - they are true early adopters and we are so proud of them for completing their 100th settlement.    Well done on leading the way and transforming the way property is settled in Queensland.    ... View more

Congratulations to LadyBird Conveyancing on completing their first PEXA Settlement!   The QLD PEXA Member Community are looking forward to working with the energetic team at LadyBird. ... View more

For lawyers or conveyancers working on large scale projects (i.e. multi-lot developments), PEXA Projects has many benefits, it: Reduces the administrative time and effort required for coordinating settlement of off-the-plan sales. Removes the need to rekey information from practice management software into PEXA. Sources the data required to create PEXA Workspaces and populates documents for settlement from your existing practice management process. Uploads data via a structured CSV file at the click of a button. Automatically creates and populates all Workspaces within a development project - enabling the completion of conveyancing matters online with speed, accuracy and efficiency. Provides a view of the status of all transactions within a development from a single consolidated project. Makes bulk updates to multiple PEXA Workspaces throughout the settlement process. Minimises the amount of paper required in the property exchange process leading to a more environmentally friendly workflow. PEXA Projects provides these additional features at no extra cost. If you're not already using PEXA Projects, and would like to, email us at pexaprojects@pexa.com.au to request access and discuss how we can assist with your upcoming development projects. Visit the PEXA FAQs article in Help Centre for more details. ... View more

Have you seen the orange Walk Me Thru button on the Transfer Duty screen? This button launches a Walk Thru that guides you through how to verify duty in PEXA.   Here are some important things to note about verifying duty in QLD:   The stamping process starts in the PEXA Workspace so if you’re representing the purchasers, complete your Transfer and Form 24A first. Go to the Transfer Duty screen in PEXA and select how duty is to be paid. When all the relevant information is in the Workspace then an automated message will be sent the OSRconnect and a duty record will be created in there for you. You can locate this record in OSRconnect using the OSR transaction number located on the PEXA Transfer duty screen. When you have completed the assessment, come back to PEXA’s Transfer duty screen and click the cog to verify duty. Don’t forget we would love to hear your feedback on our Walk Thru’s so we can continue to improve them. ... View more

We are revisiting compliance obligations of PEXA members under the MPR in a webinar this month, ahead of an upcoming Subscriber Review Process. You can register by clicking on the link below. https://zoom.us/webinar/register/WN_qKw756AbTuCbhQMEHbwJYQ https://community.pexa.com.au/t5/Compliance/bg-p/Compliance ... View more