In the run up to the end of year, we know it’s likely you have a high number of transactions to be settled (before hopefully you take a break with some well-deserved leave). We usually see transactions peak in the two weeks before Christmas, and this year will be no different.
To help get your clients into their new homes, sell their previous ones and/or settle other important property matters before the holidays, we want to help you reduce stress and be well prepared.
We have developed some tips on how to do this, including:
Send workspace invitations early, at least 10+ days out from settlement
Create Transfer document when Workspace is created or invitation is accepted
Finalise the Total Funds Required to Settle (TFRS) 3+ days out, or 5+ days if using a PEXA Trust Account (these time frames are a guide only and may not be achievable in your jurisdiction)
Finalise Payment Directions at least 24 hours prior to settlement
12pm and 2pm AEST are popular time slots for settlements. To avoid the end of year rush, consider selecting a different time.
To find out more, see the Transfer Guidelines FAQs .
These will be shown in the PEXA platform and on our Facebook and Instagram pages. Or, contact us for more information.
We will also post a notice about holiday period operating hours from industry bodies across the States later this month.
The PEXA team
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PEXA is always working alongside industry to enhance the settlement experience for all our members, and through network feedback, we’ve identified that one of the barriers to successful on-time settlements is the late finalisation of the Financial Settlement Schedule. This can cause delays and last-minute stress. That’s why we’re promoting awareness of the Transfer Guidelines – in particular those relating to the Total Funds Required to Settle (G11) and Payment Directions (G17). These Guidelines were developed in consultation with industry to help all parties work together to achieve a successful settlement. When all parties work together in accordance with the Transfer Guidelines, everyone wins – most notably the end buyers and sellers.
There are a number of ways we are helping members increase their awareness of the Transfer Guidelines. One of these will be an Ask us Anything session to be held on Wednesday 9 October from 11am to 1pm. We will have a number of representatives to help answer your questions from financial institutions, banks, industry bodies and PEXA.
Simply login to your e-Conveyancing Community account on the day and post your question for a quick response from the experts.
In the meantime, feel free to post your questions below, read our Transfer Guidelines FAQs or view our previous Transfer Guidelines webinar to boost your skills.
We look forward to talking then.
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