Please note that this post was updated on 5.4.2018 with new information.
Hi Community,
Over the past 12 months, PEXA has received enquiries from the market – specifically those firms that deal infrequently in property – in how they remain compliant with Land Registry transition dates without needing to subscribe to PEXA. As a result, SettleAssist was created as a pilot to test whether an additional service is required to assist those firms.
As Land Registries commit to the digitisation of property transactions, it is critical all firms have the ability to retain their customer-base and provide like-for-like servicing to their market. It is also critical that transactions don’t experience difficulties in the instance an infrequent transactor isn’t available for you to deal with online or, for a sole practitioner, they wish to take leave.
To ensure firms aren’t disintermediated in the transition to e-Conveyancing, PEXA is tested the need for a service where firms can have their settlement completed in-line with legislation, without having to become a PEXA Subscriber. In effect, this allowed firms to continue completing property transaction on behalf of their client.
It is important to note SettleAssist did not proactively seek to drive business through this channel, rather it tested an “insurance policy” for those firms that don’t have the capability to process transactions electronically post-compliance dates.
In doing this, SettleAssist aimed to protect existing market relationships between firms and their clients and ensure all transactions can proceed smoothly.
Parameters of the SettleAssist initiative:
SettleAssist was a passive service, primarily intended for those firms that sporadically transact property and, due to low volumes, do not find it suitable to become a PEXA Subscriber and learn the system.
SettleAssist supported some firms on a transitional basis while they complete their PEXA registration (in instances where they have urgent matters to complete in the meantime).
PEXA did not proactively contacting buyers and sellers – this was a passive service with only select firms able to refer transactions through for completion. SettleAssist was not a service direct to the general public.
Firms retained the primary relationship with buyers and sellers. SettleAssist will dealt directly with the engaged firm, or, when the firm asked SettleAssist to obtain information directly from the client, the firm retained visibility of those interactions.
The pilot was active in Victoria and New South Wales in early 2018 and now ceased accepting new matters. The service will continue to support referrers for files that had already been referred before 27 March 2018.
PEXA will provide a formal briefing to the relevant industry bodies including the AIC, Law Societies and ABA at the end of the pilot.
PEXA continues to offer extensive support services directly to lawyers and conveyancers who wish to transact electronically, such as PEXA Direct, PEXA training, the PEXA Virtual Program, the PEXA Certified program, the e-Conveyancing Community and the PEXA Support Centre, ensuring broad market readiness in line with legislative requirements and transition timetables.
Q&A:
Who is able to instruct SettleAssist to complete a matter on behalf of the “client”?
A practitioner acting for a client can instruct SettleAssist to help with those parts of the process they cannot complete themselves.
Is SettleAssist actively marketing to the general public?
No – SettleAssist is not a direct to consumer offering and does not accept instructions other than from the referring practitioner.
Why wouldn’t infrequent transactors refer the PEXA component to an existing PEXA Subscriber?
Practitioners are able to continue to offer that service to other practitioners. PEXA has created this pilot to address those firms that don’t have such an arrangement in place or are reluctant to issue those instructions to a competitor. How large in the pilot?
The pilot is capped to 30 firms.
If you have any additional questions about SettleAssist, please ask below or private message me.
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