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21-11-2019
05:45 PM
Hi Bec, Did anyone respond to your below query ? I am having the same problem with proceeds into a Suncorp account and my client is stressing out now and will lose sleep tonight. It's a bit concerning if you are doing a sale and purchase on the same day.
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16-10-2019
09:07 AM
Hi Helen, As much as the below information is informative, it does not really help if the incoming mortgagee only advises us of the funds available 4.5 hours before COB the day before settlement and 95% of unconditional finance approval letters we receive do not even mention the amount the loan is approved for. We can't rely on what the client advises us because from my experience they are clueless.
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10-10-2019
11:53 AM
My Buyer's Off The Plan Purchase did not settle on time recently for the following reasons:- 1. Westpac only loaded the loan funds available 4.5 hours before close of business day before settlement. 2. Westpac released the portability loan funds back into their customer's savings account and did not advise us they had done this. My client therefore had less than 12 hours to transfer cleared funds into our Trust Account before the settlement time. The Workspace had been set up on the basis that Westpac was providing all funds at settlement due to the portability. This meant I was required to pay the stamp duty within the Workspace and as part of the settlement. Because this was not the case, we had to not only transfer from our Trust Account to PEXA the client's contribution but also the stamp duty required in the workspace. As the Queensland Office of State Revenue is not set up to pay stamp duty within the workspace, we then had to wait for PEXA to transfer back into our Trust Account the stamp duty amount before EFT'ing payment to the Office of State Revenue. Please tell me how is PEXA easier when the banks leave things so late ? The banks are going to have to "upp their game" if they want Queensland to come on board. When time is of the essence there is no room for errors. On this occasion the Seller/Developer agreed to grant a one day extension of time.
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08-05-2019
03:02 PM
Hi Nick, We downloaded V.4 on PEXA's website - link below. I have not been able to find a Version 5. https://www.pexa.com.au/images/uploads/page_parts/Australia_Post_Application_Form.PDF Can you provide me with a link for Version 5 ?
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08-05-2019
08:37 AM
Hi Peter, No it’s the VOI Form - look at Part A. Australia Post officers are assuming all sections of the form have to be completed not realising Part A does not apply if it’s an individual. Why is the ABN a required field anyway when not all companys have an ABN?
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07-05-2019
04:58 PM
1 like
I have read the below email from a year ago and can report that my client last week had an issue with Australia Post on the Sunshine Coast not knowing how to complete the VOI Form. The girl at the counter asked two other staff members for assistance and between the three of them they could not figure out the form and told the clients to go away and bring back the Form when Part A was completed (details of organisation). There is no organisation as it is an individual person (the Buyer) that needs their ID verified and they insisted the ABN be completed as well. Do they realise not everyone or every company has an ABN so why is an ABN a "required field" for an organisation ? Anybody else having this issue ? Any way my clients thought it was all too hard and have now given up on PEXA.
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- Tags:
- Australia Post VOI
01-04-2019
01:08 PM
1 like
Hi Brett, I am aware of the time frame as to when an RCS issues. I would simply like to see the Incoming proprietor's solicitors being notified when the RCS issues and not just the incoming mortgagee. The incoming mortgagee never notifies their customer of registration with a traditional settlement which has always been poor customer service and is all about the bank protecting their interests only. I suppose my client will have to order a fresh title search if his builder wants evidence of ownership before commencing construction.
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28-03-2019
03:57 PM
On completing my first Purchase, with an Incoming Mortgagee, I was disappointed to see that as the subscriber representing the Incoming Proprietor we are not notified when the Transfer has registered. At the very least the Incoming Mortgagee should load the Registration Confirmation Statement into the Platform as the last step if DNRME can't cc. the subscriber acting for the Incoming Proprietor.
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15-03-2019
11:13 AM
1 like
Hi Toni, Thank you for your reply. I would like to see PEXA improve the system to allow a workspace to be created sooner than when the Transmission Application has registered. We don't prepare the Contracts in Qld - the Real Estate Agents do and when PEXA becomes compulsory in our State the Seller will not be able to comply with the Contract condition. If you can accommodate Off the Plan Contracts via the PEXA Projects Platform why can't there be a similar system for these scenarios when the Contract is subject to the Seller becoming the registered owner by the Settlement Date ? This will give the banks the time they need. We do a large number of transactions which is subject to registration of ownership whether it be Transmission Applications or other scenarios like subject to registration of CMS in a 2 lot scheme and the Seller and Buyer will not understand why we can't settle in 7 days, especially if the Buyer is about to be homeless. PEXA is flawed in this respect and I would like to see this added to your Agenda for review at a later date.
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14-03-2019
10:39 AM
2 Likes
Is there anything preventing a sale Contract to be run through PEXA that has a condition subject to the registration of the Transmission Application. The current owner is deceased. Settlement Date is 7 days from registration of the Transmission Application so the registered owners on the day of Settlement will be the Personal Representatives.
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04-01-2019
04:31 PM
I have a foreign Buyer and will be required to lodge a Form 25 Foreign Ownership with the Transfer instrument as per DNRME requirements. Does PEXA have a Form 25 that can be prepared along with the Transfer ? Or does it mean the transaction does not qualify ?
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09-11-2018
01:22 PM
25-09-2018
10:57 AM
I totally agree ! I was supposed to settle my first PEXA Purchase yesterday. I received an email from the discharging bank (ANZ) on the morning of settlement advising they required a paper settlement so they withdrew their workspace. Apparently a substitution of security and term deposit is too hard for them to complete on the platform. Not a great way to start off with my first PEXA Purchase.
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