Getting your settlement READY READY involves correctly completing sections that must be aligned and signed off by all users. Below is a list and screen shots of each section that must be completed to get your settlement READY READY. The following link will take you to instructions on how to compleat all these sections: https://community.pexa.com.au/t5/Help-Centre/Transfer-Help-Centre-Articles/ba-p/944 Documents 1. Are all the documents created? 2. Are all the documents signed by everyone? Financial Settlement Schedule 3. Has everyone signed off on the financials? 4. Do the Source and Destination sections balance? 5. Has everyone accepted the settlement date and time? 6. Are all of the source funds at Ready status? (if using funds in trust, have the funds been signed off by an authorised trust account user?) 7. In the event there is a positive Title Activity Check on the day of settlement, have the incoming parties accepted settlement execution and selected “Proceed with Settlement”? Documents Financial Settlement Schedule
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In settlements everyone needs to work together in a predictable way. PEXA settlements have key milestones that must be met so that the banks and other practitioners have time to do what they need to do. If they don't have enough time they won't be able to give you the funds and information that you need, or sign off on the documents for settlement. I have listed the 4 key milestones to meet if you are representing a Proprietor on Title or Incoming Proprietor. You can do these tasks earlier but do not do them any later. You should enter these milestones into your calendar for each settlement you do in PEXA. Here is a link to instructions that cover how to do each of the tasks in the milestones. How to guide: https://community.pexa.com.au/t5/Transacting-in-PEXA/bg-p/Step3_Transacting_in_PEX#523 Milestone 1 WHEN - Contract goes unconditional WHAT - Open Workspace/Accept invitation, review the Land Title, invite other parties, enter participant information. Getting the Workspace open early gives plenty of time for the other participants to get themselves organised and enter their clients details. You won't need to review the Workspace until 2 weeks out form settlement. Milestone 2 WHEN - 2 weeks out from settlement WHAT - Sign the Transfer of Land & Notice of Acquisition (or state equivalent) The banks need these documents to be signed before starting their mortgage processing. Signing these documents signals to the banks to begin their process of preparing documents, nominating titles and confirming loan amounts. Getting this process started early allows for issues to be sorted out with time to spare. Milestone 3 WHEN - Week of settlement WHAT - Assess Stamp Duty or Nominate the title Nominating the title shows all participants that it is available for settlement. Milestone 4 WHEN - 3 days before Settlement WHAT - Tell your bank the total funds you need for settlement (if representing purchaser). Both representatives enter all destination line items. You will receive conformation of the funds available and shortfall account details if you tell your Bank the total funds you need for settlement within this time frame. Telling the bank this figure lets them start the process of confirming the funds available which will ensure that there are no delays in entering it in to the Workspace. If you follow this time frame and hold the other parties to it as well settlements will be smooth and predictable.
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I think it's best to open a Workspace when your clients finance has been finalised. That way you can invite the bank, the other side and enter your clients details all in one go.
Does anyone else have a diffrent process they like using?
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They'll need to keep it on file for 7 years so that it can be presented if they're audited by the responsible land authority. If they store documents electronicaly they can scan the original and then secuerly destroy it.
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