Revenue Management Association Annual Country Conference 2019 - - PowerPoint PPT Presentation

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April 2019

Revenue Management Association Annual Country Conference 2019 Presentation

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Todays session

1. PEXA General Industry Update 2. PEXA Process 3. Feedback and changes to address 4. Questions

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Internal Use Only

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PEXA General Industry Update

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PEXA is Australia’s online property exchange network, and is a world first!

Property Exchange Australia (PEXA)

• It assists members – such as lawyers, conveyancers and financial institutions – to lodge

documents with Land Registries and complete financial settlements electronically

• Types of PEXA transactions:
• Transfers, Caveats, New mortgages, Settlement Notice, Mortgage discharges, Refinances
• PEXA is integrated with State Revenue Offices and Land Registries in every State. PEXA

Subscribers are typically, Financial Institutions, Legal Practitioners, Licensed Conveyancers

• PEXA is committed to supporting the property industry as it transitions towards a 100% digital

conveyancing process that’s fast, safe and efficient

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Property Exchange Australia (PEXA)

Over $335 billion

worth of property value settled

Over 2.4M

Property transactions completed

~7,581

Practitioner Firms Registered Australia-wide

~158

Financial Institutions Australia-wide

Over 85% of all

Victorian settlements are now electronic

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2016 2017 2018 2019

Standalone Discharge Standalone Mortgage Refinance Transfer

Vic, WA Vic, WA NSW, SA SA, NSW

State compliance dates are progressing – refinance in all states and transfer mandates in VIC, WA in place, current focus on transfers in NSW in July

VIC (Standalone VIC (All) NSW (Standalone) NSW (All) WA (All) All SA WA# WA NSW, VIC Non-adi VIC Non- adi NSW SA# NSW# VIC#

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Internal Use Only

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PEXA Process

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Digital process differs from current paper process

* PEXA Industry Guidelines specified responsibilities of all parties involved.

• Create Workspace
• Enter Land Title

Identifiers

• Invite Participants
• Create Transfer

Instrument

• PEXA

automatically creates Lodgement Instructions

• Populate

Settlement schedule

• Sign Transfer

Instrument and Lodgement Instructions

• Sign Settlement

Statement

• Submit for Lodgement
• Exchange funds for

Settlement (via RBA)

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Whose responsibility is it to notify councils and water authorities ?

1) The Purchasers Representative is required to complete the Notice of Acquisition (NOA) document in PEXA

• PEXA lodges the NOA document with the LTO VIC
• The purchasers representative is required (by law) to provide a copy to

the local VIC councils (Note - no change to the paper lodgement process) 2) The Purchasers Representative and Vendors Representative are both required to provide the direction of settlement funds (in paper cheque directions) within PEXA

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Internal Use Only

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Council Feedback

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Councils were not always receiving change of ownership notification from transactions settled electronically. The Notice of Acquisition did not contain all the information that councils and water authorities required ➢ NOA was updated on 17h December 2018 and now contains all required information ➢ A reminder note has also been added to PEXA to ensure the Lawyer or Conveyancer send the NOA

A key feedback theme emerged

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Five changes were made to the Notice of Acquisition (NOA) late last year

• 1. VIC Stylesheet with the following fixes:

➢Transferor’s Representative Details (Name, Telephone Number / Email Address)

• 2. Lot and Plan Numbers are now shown
• 3. Overseas Address of Transferor now appears under ‘Address for Future Correspondence’
• 4. The ‘Address for Future Correspondence’ and ‘Address at Time of Transfer’ values are no

longer combined, i.e. they now appear as current and future addresses

• 5. Multiple Titles are now reflected on the NoA

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Communications sent by RMA

PEXA Community page

https://community.pexa.com.au/t5/Help-Centre/Notice-of-Acquisition-VIC/ba-p/68

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How to register for PEXA

• Government Organisations are eligible to register for PEXA as Principal Subscribers
• Visit pexa.com.au to start your application

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Internal Use Only

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Q & A

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Thankyou

Lisa Carle General Manager, Financial Accounts M:0438070811 Lisa.carle@pexa.com.au