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26-02-2019
06:39 PM
1 like
@Karolidis_and_Co i misunderstood your comment. Yes @DMc , encumbrances do appear in the Land Titles tab/screen.
@AngellaC has rung (thank you) & reinforced the need for all practitioners (when opening or accepting invite to WS) to check the details in the Land Titles tab and compare them to the details on Landgate search of Title - something I've obviously not been paying enough attention to! Lesson learned.
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26-02-2019
05:13 PM
@Karolidis_and_Co
Hi Nick
In WA PEXA does not show interests registered on the title, caveats, etc.
We have to obtain a search from Landgate to obtain that information.
Marcus
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26-02-2019
05:10 PM
@GeorgePolus
Instructions for unconditional contract received 18/9/18. Search showed Mortgage to CBA.
Incoming Proprietor opened WS PEXAxxx 19/12/18. TAC same day showed activity 30/10/2018 (lodgement of Memorial). I was invited after TAC
No subscribers were provided Notification of positive TAC.
You could argue that (because 3 months had elapsed since search) both Subscribers should have ordered a fresh service prior to opening WS.
However, the point is:
PEXA received a positive TAC
Service Agreement states Subscriber should be notified - they were not!
Support advised that PEXA do not send Notification if they receive TAC that identifies activity prior to date WS created (Ticket PTRxxx) - they should!
FYI I'm in WA.
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26-02-2019
03:59 PM
I've just learnt (the hard way) that PEXA does not notify subscribers if a positive TAC identifies activity prior to the date work space (WS) was created.
This is despite the fact that Service Charter states:
PEXA will promptly provide a notification to the Subscriber if the Title Activity Check indicates activity on the Land Title Reference. Notification will include details of the document type and dealing number of any new activity on the Land Title Reference.
PEXA Support advised that a Title Search should identify activity prior to WS creation.
However, if I order search of Title today, don't open a WS for a fortnight & the first TAC identifies activity in that fortnight PEXA will not provide notification.
Am I therefore expected to search Title immediately prior to opening a WS? PEXA - your Service Charter says you will notify subscriber if a TAC identifies activity. Please honour your agreement & provide notification (even if the activity is prior to date WS was created)!
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28-11-2018
08:40 PM
Thanks for responding @AngellaC
Not a big fan of the PEXA Plus Dashboard for the reasons outlined in my comment of 29/03/18 in the discussion your provided link to.
Doesn't look as though much has changed since March :)
Regards
Marcus
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27-11-2018
06:40 PM
2 Likes
Bump - any Administrators listening?????
Persistent workspace in settlement date order is a no brainer!!
Can we also have a red dot on Dashboard when we have new/unread conversations (same as new Invitations).
There is a red dot in each Workspace that has new/unread conversations but not on Dashboard.
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27-11-2018
06:20 PM
Hi @Brook_Landgate
Why must all registered proprietors be recorded on the title without reference to any legal capacity (eg a registered proprietor of the land held on behalf of another person or entity who is the beneficial owner of that property, such as executors, administrators of estates and trustees of a trust) to be eligible.
When will they be eligible?
What needs to change to make them eligible? Marcus
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16-06-2018
08:13 PM
7 Likes
AICWA has worked with KylieD to produce the following guide to assist with questions and concerns on how temps can transact in PEXA when on assignment (especially when they are covering a sole operator).
As part of the onboarding process Subscribers sign the PEXA Participation agreement.
Section 4.1(d) requires the Subscriber to comply and continue to comply with the Participation Rules;
Section 4.1(g) includes an obligation to comply, and continue to comply, with the Security Policy
Section 7 of the Participation Rules issued by Landgate details Subscriber’s obligations regarding system security and integrity.
Section 3.7 of the Security Policy sets out Subscriber’s obligations regarding control of Passwords & Digital Certificates.
The bottom line is Digital Certificates (on USB tokens) & Passwords should not be shared!
So what’s a girl to do?
Some sole trader licensees are loath to provide temps a Digital Certificate in the temp’s name because they have to be added to the Trust A/C operating authority with the Bank. This is certainly the case if you want them to be able to authorise debits from the trust account (i.e. a source in PEXA).
However, there are 3 different permissions a Subscriber can grant a User:
1) Signer – Documents
2) Signer – Financial Settlement
3) Signer – Trust A/c Authorisation
PEXA advise that the User is only requires to be a signatory on the Trust A/c for #3.
So if you’re a sole trader, want to take some holidays, but don’t feel comfortable adding a temp as signatory to your Trust A/C them consider issuing them with their own Digital Certificate / USB Token with permissions # 1 & 2. You would need to take your USB Token with you on holidays and sign the odd settlement that requires authorisation for funds to be sourced from your Trust A/C, but it’s better than placing your license & business at risk by “sharing” your Token thus contravening PEXA’s Participation Rules & Security Policy.
Creating a User
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09-04-2018
10:55 AM
Just want to clarify the intention (and bank's understanding) of what this figure should be.
Take the following simplified example:
Adjusted balance of purchase price, all registration fees, stamp duty, PEXA fees and professional fees = $100k.
$5k source added by PoT because they are holding deposit less commission
$2k source added by IP because buyer gave them equity.
Is the funds required to settle:
$100K (the "Total funds" required) and the IM is expected to allow for the $7k sources, OR
$93k, the amount required from the IM
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08-04-2018
11:25 AM
8 Likes
Gotta love the consistency - not!
I for one object to the increasing expectation that its the conveyancers job to obtain the Bank's form from the Bank, get it completed/signed by the Bank's client & send it to the Bank.
The Bank should own this part of the lending process, not fob it off to the conveyancer.
When there is one security property/one loan DA's are relatively easy to complete. When they are more complex the borrower needs to discuss with their lender, not the conveyancer.
Banks - take some ownership!
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03-04-2018
02:42 PM
1 like
Hi jgibbs
OSR is only one of the intricacies you will face in conducting a settlement of WA property. The eligibility requirements for electronic lodgement are different to other jurisdictions. If the transaction is ineligible or "reverts" to paper for any reason our registry requirements for paper settlement are both complex and markedly different from other jurisdictions.
If you are contemplating undertaking numerous transactions in WA it might be worth the investment in set-up & training costs. If not, you might be better off partnering with a WA settlement agent for cross-referrals (FYI Section 44(7) of the Settlement Agents Act 1981 (the SA Act) prohibits any person, including a real estate agent or sales representative, from directly or indirectly demanding, receiving or holding any reward for referring business involving the performance of functions of a settlement agent.)
Alternatively, SettleAssist may provide a solution - https://community.pexa.com.au/t5/Ask-the-PEXA-Community/Information-about-SettleAssist/td-p/7970
Tread carefully.
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29-03-2018
11:01 PM
1 like
TBH it's not adding much value - it's another page I have to click thru to get to my "old" Dashboard.
What would be helpful?
A Dashboard that:
by default lists settlement in date order, AND
has tickboxes for most common tasks (eg Create Transfer, etc) showing at a glance what I need to do each WS
I realise the PEXA plus has a pretty Calendar of upcoming settlements, but clicking one just takes me to the "old" Dashboard.
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27-12-2017
01:14 PM
3 Likes
Thanks NAB
You mention that "NAB preference is for the practitioner to manage any surplus funds in PEXA"
Why????
If client wants surplus funds paid to NAB A/C you can confirm name/number, we can't!
NAB preference increases risk to client & their conveyancer.
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28-11-2017
08:23 PM
1 like
Hey Damien
That's a paper question :) - one I doubt PEXA can answer.
Think it will be up to the Seller's Agent to ascertain.
AICWA are about to issue eNewsletter with suggested procedure.
Will email you an advance copy for feedback.
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15-11-2017
08:41 PM
1 like
Hi Lynn / Fiona
We had a case today where (we acted for buyer) and seller had triple barrelled surname e.g."Jessie James VAN DE KLOP"
Landgate had proprietor on Title as "Jessie James Van DE KLOP" (this was imported to PEXA)
Duty would not verify as seller details mismatched in Landgate/ROL
Amended sellers name in PEXA to " Jessie James VAN DE KLOP" (to match ROL)
Duty would not verify as seller details mismatched in Landgate/PEXA
PEXA requested we change sellers details in PEXA & ROL to match registry "Jessie James Van DE KLOP" - I advised I would not do so as ROL would then be wrong (and 2 wrongs don't make a right)
PEXA had to arrange for Landgate to change registry to proceed.
Takeway & Tip = Verify Duty at least 3 days prior to settlement just in case!
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15-11-2017
08:32 PM
1 like
Hi Lynn
As soon as I open a WS for seller many banks are now immediately sending a Conversation requesting/demanding we obtain & upload a DA.
I like having the ability to do so. I even send a blank DA to sellers if I have access to one. However, I refuse to accept responsibly/expectation that it's my job to get the bank's form completed, signed & submitted to them.
In some cases the seller has a complicated/unusual financial situation. Banks need to take some ownership here & stop passing the buck!
Rant over.
Peace!
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19-10-2017
12:27 AM
2 Likes
Hi guys Just thinking out loud. Ever thought of adding a Diary or Task /To-Do List with Calender functionality? I can then diarise follow-up of responses to invites, conversations, etc within PEXA & system can email me a reminder. How about a Diary tab that allows subscribers to create a diary/checklist template that can have checkboxes and/or date boxes that generate reminders.
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10-10-2017
05:56 PM
1 like
Cheers Brett No more optional fields needed. However, for invites to Incoming Proprietor the Notes should at a minimum include the buyer's name. This should be a required field. In the absence of anything in Notes all we have access to is C/T details. We then have to search the registry to find out the Proprietors name/s so we can join the dots to find out the buyer's name/s. The same probably applies to invites to the OP. Also... I had to ring support this morning because (after an invite from Incoming Proprietor) I could not see or create Outgoing Proprietor Client profiles. Turns out that when creating the workspace the OP did not request Land Title info. Once I did, the system created the Client profiles that I could then represent. Would be better if Land Title info was requested/uploaded automatically when WS is created. I know this costs PEXA money on workspaces that get abandoned, but its inefficient for practitioners to work out why something isn't working when the answer is not obvious!
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05-10-2017
07:20 PM
4 Likes
Hi AaronG Very good suggestions. Unfortunately, in my experience, few practitioners are adding the suggested information to Notes. Is there any way PEXA can encourage this behaviour (via required input fields/boxes)?
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04-10-2017
12:40 PM
Hi Brett Lodgement verification does not seem to trigger until the Transfer Duty has been verified. Can you please confirm?
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20-09-2017
04:48 PM
3 Likes
Hi guys Just learnt that access to abandoned Workspaces are only available top the last participant to withdraw. There may be times (like today) where I want/need to access the Workspace History to find/prove details of what did or didn't happen. Is there any way you can make abandoned workspaces available to all participants?
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02-07-2017
01:07 PM
3 Likes
Hi Doc
Sounds like you're talking about a situation where you're acting for a buyer. I believe it's best practice in the paper world (rather than a requirement) that you search ASIC records if the seller is a company. And you would definitely want to search the PoA if Attorney was signing a paper Transfer. However, you do this to ensure that it will get thru the Landgate examination process & get registered.
As Jack has mentioned, it's the subscriber that signs an e-Transfer in PEXA and in doing so certifies that the client has authority to sell,
I think you also need to take into account that there is little/no gap between financial settlement, lodgement & registration in PEXA. So there is virtually no gap between the buyers funds being released and them gaining Indefeasible Title to the property.
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07-06-2017
04:00 PM
1 like
Interesting question!
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30-05-2017
07:35 PM
2 Likes
Hi all I'd like to open a Workspace (and sent invites) before identifying client and/or obtaining CA. Date of birth seems to be a required field to create my party/ies. Any way around this?
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- Tags:
- DOB can wait till VOI & CAF completed
- In a hurry
- would prefer to open worskpace sooner rather than later
Category:
18-05-2017
01:50 PM
2 Likes
Hi Krystle I prefer not to use the "DA Sent" box as I don't want to encourage banks to think that it's our role :) However, the "DA Received" box is very helpful. 99% of the time settlement agents are waiting for banks to become ready to settle, rather than the other way round. Greater transparency on their progress towards readiness would reduce the need for conversations to find out. Perhaps the bank could have a status bar that progresses thru the various stages: Mortgage dox signed & received / All loan conditions fulfilled / Paper Dox checked / Authority to Debit Equity held / Ready to settle
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17-05-2017
07:27 PM
8 Likes
Hi guys In recent days we've experienced following situations on 2 different workspaces: 5 days prior to settlement we have received "Ready to book" fax from bank settlement team. 2 days prior to settlement bank has not accepted settlement date/time in PEXA and is ignoring conversations asking if they are ready in PEXA, I was getting ready to abandon WS & revert to paper!! 2 days prior to settlement Bank has accepted settlement date/time but is not ready. Could we have a checkbox (like the one for Discharge Authority Received) or a status indicator that confirms that bank has received/checked mortgage dox, is ready to settle and just needs to complete/sign FFS & electronic dox? It would be great to have visibility of bank status without the need to start a conversation :)
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