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Streamlining settlements in South Australia

Streamlining settlements in South Australia

Buying a home can typically be one of the largest and most significant transactions in a person’s life, and as a result can be one of the most stressful.

Because of this, more-and-more Conveyancers across South Australia have been adopting PEXA into their businesses and passing on considerable benefits to their clients.

In fact, more than 340 South Australian Conveyancers have attended PEXA training webinars in 2019 and the network settled 458% more properties online between October 2018 to October 2019 – a transition only possible thanks to the South Australian network’s feedback and collaboration.

 

A strong network

This progress is reflected in a recent milestone accomplished by three South Australian firms – reaching 500 online transfers online within weeks of each other. Congratulations industry leaders, Lyon Conveyancing, Johnston Withers Lawyers and Goolwa Conveyancing.

Adelaide’s Kodo precinct was another SA conveyancing network highlight this year with Cowell Clarke and MinterEllison leading the way by settling multiple lots from the development using PEXA Projects. Cowell Clarke’s Linley Schultz stated:

It is an invaluable tool to assist us to provide the best possible property and conveyancing services to our clients.

Further, the CATS and PEXA integration has continued to provide efficiency benefits for users this year. To assist those utilising this technology, CATS recently released a webinar on reconciling and how that translates to the PEXA Financial Settlement Schedule (FSS) – it can be found PEXA’s Community Forum under ‘Balancing your CATS reconciliation with your PEXA FSS Webinar Recording’.

 

Supporting your digital property experience

The PEXA team has been assisting you transition your businesses to digital settlements since 2016. One way we are doing this is through on the ground support with our team of PEXA Direct Specialists, Matt Kelly, Emma Green and Ally Barratt.

Another way is through offering a discount for South Australian transactions to all firms transacting in the state. From 18 November 2019 until 30 April 2020 we’re offering a half price PEXA fee for all transfers made on South Australian properties. This means the transfer fee will now be $57.04 for settlements involving a single certificate of title, and $65.34 for multiple titles in the one Workspace.

To safeguard your transactions, PEXA Key is now available for all PEXA Members as another security layer in their firm’s arsenal. It supports practitioners by offering a safe alternative to insecure communication methods such as email, where bank account details can be intercepted. payments subsequently redirected.
 

PEXA’s founding CEO, Marcus price said, “Security is paramount to our members and to us. It would be remiss of us to not try and help solve an issue which is becoming more and more prevalent in our industry. To be able to offer this technology to property lawyers, conveyancers and their customers and deliver a much safer means of exchanging bank account details is something we’re incredibly proud of”.

If you’d like to learn more about PEXA Key, visit pexa.com.au/pexa-key.

 

End of year support

The end of year is upon us once again. Historically, transactions peak in the two weeks before Christmas, and this year will be no different.

To help reduce stress for you and your clients, here are some tips in the lead up to this busy period:

  • 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.

The Transfer Guidelines can be found here.

If you need assistance with your online lodgement or settlement over the Christmas period, PEXA’s Support centre is still available except for public holidays – Christmas Day, Boxing Day and New Year’s Day 2020.

Our friendly support staff will be available to assist you from Monday to Friday (excluding public holidays), 8:00am – 7:30pm ACDT at support@pexa.com.au or 1300 084 515.

Finally, if you’d like to speak with someone about transitioning your business to digital conveyancing, or if you’d like further information on any of the above, don’t hesitate to contact me at Daniel.Roesler@pexa.com.au or your PEXA Direct Specialist.

 

 

 

By Daniel Roesler, Executive Manager, Practitioner Services (SA)

Featured in the AICSA Conveyancer Magazine

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