Is anyone aware of where we can complain either to PEXA or the bank regarding unrealistic timeframes for advising both payouts and funds available? Four hours before a settlement for funds available and no provision of surplus funds is simply not good enough. Fortunately my client was able to transfer balance of funds at short notice but many would not be in a position to do this!
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This does seem to be a consistent complaint and with the increase in volume, I do not see how PEXA can follow up with the banks and to be honest no one should have to... Instead, I believe the "solution" might be for a consistent minimum time period to be set "from the top" and monthly reports regarding how punctual the various banks are ie. 75% of funds loaded/confirmed at least 24 hours prior to settlement, etc. Surely the software can be adapted to provide for such reporting.
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CONGRATULATIONS on this milestone Daniel Butt & Co!!! What an achievement! Well done! Thank you @danbutt and @KC for the shout out.... it's much appreciated You're both leading the way in eConveyancing in Maclean/ Yamba region!
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In NSW I have seen this done - particularly in the case of developments, but more along the lines of " an additional fee for paper settlement" clause included in the contract. This is in recognition of the additional costs associated with a paper settlement (time on the phone, agent/staff fees for attending bank and settlement, resolving issues as a result of delayed lodgement such as rates in vendors name post settlement). Of course it is a matter for each practitioners own consideration and I echo your frustrations around appetite for electronic settlement!
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Thanks so much for the mention @KC! Congratulations on being PEXA Certified! You are such a great, positive ambassador for PEXA - not only in your region of Maclean / Yamba NSW, but also on this PEXA community It's really fantastic to see you harness the advantages of PEXA into your business! Read Karen's recipe to success here
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Hi @KC, all payments should be received as cleared funds. Unlike cheques, there are no clearing times. Of course, you can always double check by comparing your account balance and your available balance! Hope this helps, and please mark the solution as "accepted" if this has answered your query.
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Thanks Karen it was lovely to meet you and have you on board - will keep you posted as to our next event - which I am hoping will be just before Christmas.
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Hi @KC
Like your clients, I too have spent some time in Japan and needed to have my ID verified (It was not for property)
The two best places are the Embassy in Tokyo or the Consular General in Osaka so please feel free to pass that on.
Ganbatte Kudasai (Good luck)
Matt
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Karen...thanks for your post and well done. The first of many great experiences with PEXA and the industry transformation to digital. Mike Cameron Group Executive, Operations PEXA
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