About Osman_A

Traditionally, in a paper settlement if the Transfer was signed by the Vendor's attorney pursuant to a Power of Attorney (which had to be registered), the Vendor was requested to provide a copy of the registered power of attorney on or before settlement for the Purchaser to sight and confirm that the Transfer has been executed properly and will be accepted by LRS on lodgement.    Also, standard requisitions ask the following question: "If the transfer or any other document to be handed over on completion is executed pursuant to a power of attorney, then at least 7 days prior to completion a copy of the registered power of attorney should be produced and found in order"   Today, in an electronic settlement, does the Purchaser still require the Vendor's Power of Attorney to be produced to them at or before settlement? As LRS cannot know whether the electronic Transfer document has been signed pursuant to a  Client Authorisation Form which has been signed by the Attorney or the Vendor personally, from a settlement and lodgement perspective there seems to be no basis for requesting from the Vendor a copy of the registered Power of Attorney to protect the Purchaser's interest.  Obviously, the Purchaser also cannot know if the Vendor is selling with the signature of the Attorney as they will not be sighting any physical Transfer document or even the Client Authorisation Form. Should they be asking the Vendor each time if the Vendor or their Attorney's have signed the Client Authorisation Form.  No doubt a Vendor will still be required to register the POA and if the Client Authrosiation Form has been signed by the Attorney's then the POA must be kept for record keeping in case of audit etc. However, is the Vendor or their Solicitor/Coveyancer required to disclose to the Purchaser that they have signed the Transfer electronically pursuant to a Client Authorisation Form that has been signed by the Vendor's attorney's under a registered POA AND are they then required to provide to the Purchaser a copy of the POA?  In light of the above, is the above quoted Requisition relevant or applicable and if not how should a Vendor respond to that requisition. Interested to know what everyone thinks on this issue. If this is covered in the ARNECC guidelines or anywhere else please advise.  ... View more

We note the current system permits settlement notifications that can be generated and sent automatically once the matter has settled to the Agent.   This may not be sufficient as far as the Agent is concerned as it is not on letterhead and not signed.   Can PEXA create in the system where a PDF letter for Order on the Agent is saved and attached to this notification, which we note is currently available via the File tab BUT cannot be sent automatically once settlement occurs.    We require as part of our special conditions in the contract when acting for a Vendor, for the Order on the Agent to be uploaded to the workspace 24 hours prior to completion to be held by the Vendor's participant in Escrow and our condition stipulates that once we receive an email confirmation from PEXA, that the matter has completed successfully, that this Order on the Agent can be sent without any further authorisation from the purchaser's solicitor.    Clearly we can send this by way of separate email but it would be preferable that this PDF letter can be sent automatically on settlement via PEXA.    Our concern is that the current practice is for the Order on the Agent to be sent to us AFTER settlement and this can create issues where a purchaser may wish to withhold monies if there are issues upon inspecting the property. This is usually dealt with prior to completion but in a PEXA settlement the Order is received after settlement and this is a concern as there is no control over the funds held by the agent by way of the purchaser's authority to release once the matter has settled.    Can PEXA please create this process to occur. ... View more