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Simultaneous settlements made simple with PEXA

Simultaneous settlements made simple with PEXA

Kim Hensle of McCarthy Partners shared her experiences with simultaneous settlements and how after overcoming early reluctance, she embraced the online process.

A linked settlement occurs when destination funds from one settlement are used as source funds in another. The dealings are unrelated from a lodgement perspective but are connected in terms of funding.

A simultaneous settlement through PEXA refers to workspaces that are settling at the same time, on the same day.

A common misconception is that simultaneous settlements are difficult or not possible to complete electronically.

Kim Hensle of McCarthy Partners shared her experiences with simultaneous settlements and how after overcoming early reluctance, she embraced the online process.

Initial thoughts

“I was hesitant, absolutely. We were very confident with standalone PEXA settlements, but when a simultaneous settlement presented itself, at first I wasn’t sure.

“But I thought if I don’t try, I’ll never be able to do it.

“There was a little bit of doubt, but once we got on board we were fine.

“Supporting each other through the PEXA process is very rewarding.  It’s a great benefit to support each other.  If you do it together it makes it a lot easier.”

The settlement process

After breaking new ground, Kim found the process to be smooth with the help of her support networks.

“Simultaneous settlements are certainly not hard.  If you can understand the terminology and processes then you will be fine.  Keep in mind how it would work as a paper settlement, then apply these processes to the PEXA settlements, then it will all fall into place. Don’t be afraid to ask questions.  Be mindful that not every participant in a PEXA workspace has completed a simultaneous settlement.  Work together.

“We found our PEXA direct specialist really helpful. They are very supportive, as is the help desk team.  The more settlements you do, whether they are standalone, or simultaneous, the more confident you get.”

“As long as you’re familiar with which party you’re acting for, and which transaction you’re working on it’s straightforward.

Final word

Kim was already a proactive PEXA user, but her simultaneous settlements education further reinforced her commitment to digital operation.

“Registrations were done instantly, clients were paid instantly, flow on settlements were done instantly, so in that regard if you compare that to paper; you’re waiting for days, you’re waiting for cheques to clear.

“I’ve been doing conveyancing for over 20 years and I was very set in my ways as far as paper settlements were concerned but I’ve just jumped in there and embraced it, I love it, I think it’s easy and my way of thinking has completely turned around.”

Well done Kim – we congratulate you and McCarthy Partners for your attitude towards e-Conveyancing and willingness to engage with and assist your peers.

An in depth guide on how to complete a simultaneous settlement can be found here.

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