CONVEYANCING TRANSFORMED END TO END E … · • PEXA-registered lawyers and conveyancers pay only...

CONVEYANCING TRANSFORMED | END TO END E-CONVEYANCING HAS ARRIVED

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CONVEYANCING TRANSFORMED | END TO END E-CONVEYANCING HAS ARRIVED2

The continuation of digital transformation for the property industry

• All of industry approach required to transition to 100% electronic lodgements

• Dual process (paper and electronic) is not attractive

– we understand the need to shorten the transition period for all

• As digital accelerates, the remaining paper transactions will become

expensive and inefficient

• PEXA is here to support and help you through the transition


• NECDL (National E-Conveyancing Development Limited) formed in January

2010 in response to COAG (Council of Australian Governments) initiative to

create national e-conveyancing platform

• Became Property Exchange Australia Ltd (PEXA) in January 2014

• Shareholders: Four major banks, NSW, VIC, WA & QLD Governments,

Macquarie Capital, Little Group and Link Group

• Circa 230 staff located in Melbourne (HQ), Sydney, Perth, Brisbane & Adelaide

Who is PEXA


Listing websites

ValuersInformation providers

BanksConveyancing

SoftwareLodgement

& settlementLand

Registries

PEXA is one point of a broader industry shift to a digital property industry

4

Sell

house

Move

in


e-Conveyancing: The stats

• 135 financial institutions active on PEXA

• $49bn+ worth of property has been settled electronically nationally

• 4000+ practitioner firms active on PEXA Australia-wide

o 381 practitioner firms are active in Western Australia

• 416,000 transactions completed on PEXA Australia-wide

o 39,000 transactions completed electronically in Western Australia


e-Conveyancing: Leading the way in WA

• Below is a list of the top 10 subscribers who have completed the most

transfers on the PEXA system:

1. KDD CONVEYANCING SERVICES

2. CS LEGAL

3. C&R CONVEYANCING SOUTH

4. WATERWAYS CONVEYANCING

5. C&R CONVEYANCING MANDURAH

6. SAFETY BAY SETTLEMENTS

7. NORM HART SETTLEMENTS

8. CONVEYANCING HQ

9. CHALLENGE SETTLEMENT SERVICES

10. CONVEYANCING SOUTHWEST

As of 6 June 2017


Joining PEXA

To register with PEXA go to www.pexa.com.au/register

Provide your organisational details: ABN and ACN (if applicable)

Provide professional details including relevant certificate or licence details

Provide financial details including account details for direct debit, trust

account and duty disbursement account details (if applicable)

Complete the online application, sign and submit all documents

Complete your Verification of Identity (VOI)

http://www.pexa.com.au/register


Setting up your business in readiness to transact in PEXA


• How will your current processes transfer in an electronic environment?

• Who will need access to PEXA?

• Who will need to digitally sign in PEXA?

• Updating your client engagement letters to ensure the Client Authorisation

Forms (CAFs) is included at the outset

• Verification of Identity processes

Some things to consider for your business when transitioning to e-conveyancing


SUBSCRIBER MANAGER

Nominated during registration.

The main administrator within the

PEXA System.

SUBSCRIBER

ADMINISTRATOR

Nominated by the Subscriber

Manager.

Does not have access to

Subscriber details or Financial

Account information.

USER

Ability to transact in PEXA based

on the permissions set up by the

Subscriber Manager or

Subscriber Administrator.

A Subscriber Manager can:

• Create and edit Subscriber

details

• Setup and verify Financial

Account information

• Add (and suspend) Users

• Create and edit Workgroups

The Subscriber Administrator can:

• Add, suspend and maintain

Users

• Create and edit Workgroups

All Users can:

• Create Workspaces

• Invite participants

• Create documents

• Monitor activities within PEXA

• Verify source funds from a

Trust Account (if applicable)

• The extent to which Users can

Sign in PEXA will depend on

the permissions assigned

User Access Levels


Digital Certificates

• Each user in PEXA has their own user ID and password

• If the user has signing authorities, a digital certificate and PIN is needed

• Each signer requires their own digital certificate

There are three signing roles within PEXA:

1. Document Signing

2. Trust Authoriser

3. Financial Settlement Statement Signer

• Signing limits can be set by dollar value and dual or single authorisation

available on all of the above signing roles


The Client Authorisation Form – MPR Schedule 4

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• Authority type:

- Specific (one off buy/sell)

- Batch (development)

- Standing (retainer)

• Authorises you to sign, lodge and settle on client’s behalf


Transacting in PEXA


• Reduced time on the phone

• Less time spent preparing documents

• Lodgement verification

• Physical attendance at settlement no

longer required

• No cheques

• Title activity checks

• Settlement delays less likely

• Stamp duty verification

• Transfer lodged at time of settlement

• Lodgement gap cover

• Less time spent on post-settlement

tasks

• SettleMe

What are the advantages of transacting on PEXA?


How much does it cost?

• PEXA-registered lawyers and conveyancers pay only per successful

transaction. PEXA does not charge up-front registration fees or ongoing

subscription fees.

• Charges are based on the type of transaction (e.g. mortgage, transfer). This

fee is separate from the statutory lodgement fees, which are set by each

jurisdiction’s Land Registry.


Land Title Look Up

• The PEXA Qualifier tool allows you to identify files that you may complete

electronically, available on our website at www.pexa.com.au/qualifier-tool

• By providing some basic transaction details the PEXA Qualifier will confirm if

your transaction may be completed on PEXA

Qualifier tool

• You can determine if a land title is valid for electronic lodgment within PEXA

• Landgate also have a list of Eligible Documents to assist you

http://www.pexa.com.au/qualifier-tool

https://www0.landgate.wa.gov.au/__data/assets/pdf_file/0016/16450/Eligible-documents-for-paperless-conveyancing.pdf


Transfer guidelines

• Transfer Guidelines have been developed to assist Subscribers with what

they should be doing, and when, in order to ensure the timely and successful

completion of a PEXA settlement

• These have been developed through industry-wide collaboration with the

intention to meet the needs of all PEXA Subscribers

• You can find these guidelines by searching ‘Transfer Guidelines’ on our

Community page: https://community.pexa.com.au/

https://community.pexa.com.au/


What happens at settlement


Other Additional Features


SettleMe

• What is the SettleMe Reward campaign?

• To address any concerns around the possible extra costs for your clients,

we’ve rolled out a SettleMe Reward campaign in Western Australia.

• When your client’s property settles on PEXA, and they have registered to

use SettleMe (prior to 30 June 2017) to track their property settlement,

PEXA will send your client a $50 Coles eGift Card.


Recent platform enhancements


Recent platform enhancements

• The changes and upgrades PEXA make to the system are driven by the

feedback we receive from our Subscribers.

• We recently made the following changes to the platform based on this

feedback:

o Improvements to Subscriber Search

o PEXA Projects – solution for large scale developments

o Source Funder

o Linked simultaneous lodgements

o Improvements to unread conversations screen

o File Upload improvements

o Auto Balance of Vendor’s Surplus Funds


Support available to you


• Our PEXA Direct Specialists are industry experts and here to help your

business become confident in using the PEXA platform.

• Free for PEXA Members, make the most of this service now while our

Specialists are available.

• Contact me to make an appointment with a PEXA Direct Specialist to assist

your business:

Angella Chick, Executive Manager Practitioner Services WA

[email protected]

0409 102 404

PEXA Direct – personal training program

mailto:[email protected]


• We can work with your firm to provide guidance to determine the best

approach to your PEXA set up

• We recommend you undertake 1-2 transactions before finalising your

admin/permissions set up

• From our experience, we find that firms start to feel confident in using the

system once they have completed 5-6 transactions

• Our aim is to ensure all firms are prepared and ready for the changes ahead

How can we assist you and your business


Other resources available to you

• PEXA Support Centre

1300 084 515

[email protected]

• e-Conveyancing Community

community.pexa.com.au

Includes our PEXA Certified Program

• Industry Training

AICWA are running Electronic Conveyancing Accreditation Training

• Industry information available on websites:

• ARNECC: www.arnecc.gov.au

• Landgate: https://www0.landgate.wa.gov.au/for-individuals/legislation-

and-reform/electronic-conveyancing

mailto:[email protected]

http://www.community.pexa.com.au/

http://www.arnecc.gov.au/

https://www0.landgate.wa.gov.au/for-individuals/legislation-and-reform/electronic-conveyancing


The e-Conveyancing Community

This is your online space to learn, share and connect in the conveyancing and

property business community.

Why?

Ask questions. Share feedback with PEXA. Peer to peer collaboration.

Join the 159+ WA Community members who are already signed up and participating!

Sign up at community.pexa.com.au

30+

Videos

170+

Help

Articles

150+

posts

from WA

members

6000+

posts

read

Your

own WA

Group



Join us for this ONE day online event to ask our Subject Matter Experts any

question!

Register and sign up now at www.community.pexa.com.au



How do I become PEXA certified?

This program will give you an introduction to PEXA, how it works and how it can

help you transform your business processes.


What are we doing to help all industry participants?

• Our Financial Institutions (FI) Team provides on-going support and training to

banks on the PEXA network.

• All lenders need to finalise their set up and processes for the refinance

timeframe of 1 August 2017.

• The FI team have formed working groups to:

• Identify industry drivers that negatively impact transfer settlements

• Collectively assess opportunities for process improvement

• Deliver uniformed change to improve the customer and stakeholder

experience in the digital ecosystem

• We work closely with Sponsors such as InfoTrack and GlobalX and software

providers such as SettsPlus to effectively integrate their systems into PEXA


PEXA’s Engagement with the WA Industry

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• We continue to present at various speaking engagements to inform the industry

• We have a team of 7 people on the ground in WA to assist the industry with the

upcoming changes. Often head to regional areas.

• Key parties in WA and from our head office engaged with local banks,

representative bodies (e.g. Law Society and AICWA) and other stakeholders

within the industry.

• Attendance at various conferences to assist with wider audience education, eg:

REIWA conference, MFAA conference.


Feedback from e-conveyancing community

Hear from Elissa Robertson from Robertson Conveyancing as she describes her

experiences of e-Conveyancing.

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