Further to the post above, we are currently working with parties who have volunteered to be involved in the Practitioner led initiative.
Together, we are defining the parameters of the pilot, to ensure that we can effectively monitor the results of this initiative.
This will provide insights to how we can potentially shape the process to provide more certainty, consistency, and a better overall experience to your online settlements.
Parameters of the pilot:
Parties involved:
Banks: ANZ, NAB, CBA, Bankwest, Westpac and St George
Practitioners: CS Legal, KDD Conveyancing, Debbie Crawford Conveyancing and Refreshing Settlements
Process:
Each Practitioner participant will:
At 3pm each day, select and review all workspaces due to settle the next business day, where the above mentioned banks are a party to the workspace
Assess each workspace against the following criteria:
Settlement Date and Time Accepted by all Parties
All required Documents created
Stamping has been completed
TFRS uploaded or if new Enhanced Settlement Summary is active, Purchaser’s Line Items are completed, and if Bank is providing Shortfall, the “Ready for Shortfall” indicator set.
If these 4 Tasks listed above have not been completed, the Practitioner may move the Settlement by 1 business day, including the ‘Reason for Change’ as “WA Pilot for Settlement Cut-Off”.
The application of the cut-off is ultimately at the Practitioner participant’s discretion. Exclusions may be applied to Settlements where the end buyer/seller will be negatively impacted financially (e.g. 3 day grace period, rebates potentially under threat), or potentially for settlements on the first business day of the month due to stamping processes.
Please discuss any circumstances that might impact your ability to meet the criteria above with the applicable practitioner participant (noted above), in advance of the 3pm day prior review.
The pilot will run from Monday 17 May 2021 to Friday 4 June 2021. We will then review the impact of the initiative and subsequently, the best way forward for all WA settlement industry participants.
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