About MarcusLiley

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 ... View more

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! ... View more

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. ... View more

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. ... View more

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. ... View more

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. ... View more

Hi Brett Keen to be involved Marcus ... View more

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! ... View more

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)? ... View more

Hi Brett Lodgement verification does not seem to trigger until the Transfer Duty has been verified. Can you please confirm? ... View more

Interesting question! ... View more

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 ... View more