Another shortcoming of the PEXA notice of acquisition is that the system does not appear to cross-check the date of settlement in PEXA with the date of possession/transfer in the PEXA notice of acquisition. For example, we recently had a matter which was originally scheduled to settle on 14 December 2018. A notice of acquisition was created when the matter was opened recording 14 December 2018 as the date of transfer/possession. The parties subsequently agreed to bring settlement forward to 26 September 2018. The matter settled and shortly thereafter we received a phone call from the owners corporation manager who had been served with a copy of the NOA to say that the date of transfer/possession on the NOA was 14 December 2018. What is the point of having an electronic conveyancing system if simple discrepancies like this are not picked up? The system should be amended to prompt the user to review the date of transfer/possession in the NOA if it does not correspond with the date of settlement in the workspace. Once the matter has settled it is not possible to amend the NOA or create a new one so the only option is to use the SRO form. Another frustrating shortcoming of PEXA that ought to be quickly and easily resolved !
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Dear Pexa, The current system for spousal transfers is very frustrating and a shortcoming of the PEXA platform. Our firm too generally paid the fees associated with a spousal transfer for no consideration directly from our office account and then accounted to the client once the transaction was complete. We now have to request funds in advance to enable the transaction to proceed which is most inconvenient and can cause delays to an otherwise simple and straight-forward transaction. I note @GeorgePolus says " Financial Institutions cannot, and do not, allow anyone to send payment instructions to debit a Customer Account". Doesn't this constitute a simple direct debit agreement such as when you pay your gym membership via direct debit? In such a case the bank is directed to debit an agreed amount from the customer's account pursuant to the agreement signed between the parties. Surely PEXA could implement similar direct debit agreements whereby the law firm agrees with PEXA that certain fees may be directly debited from the firm's office account? This area really needs some attention!
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