Revenue Management Association Annual Country Conference 2019 Presentation April 2019 1
Todays session 1. PEXA General Industry Update 2. PEXA Process 3. Feedback and changes to address 4. Questions 2
PEXA General Industry Update 3 3 Internal Use Only
Property Exchange Australia (PEXA) PEXA is Australia’s online property exchange network, and is a world first! • 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 4
Property Exchange Australia (PEXA) Over $335 billion ~7,581 Practitioner Firms worth of property value settled Registered Australia-wide Over 2.4M Property transactions completed Over 85% of all ~158 Victorian settlements are Financial Institutions now electronic Australia-wide 5
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 2016 2017 2018 2019 Standalone Vic, NSW, Discharge WA SA Vic, SA, NSW# SA# Standalone WA NSW VIC# WA# Mortgage WA NSW, VIC Non- Refinance All SA adi Non-adi NSW VIC VIC VIC (All) (Standalone NSW (All) Transfer WA (All) NSW (Standalone) 6
PEXA Process 7 7 Internal Use Only
Digital process differs from current paper process • Submit for Lodgement • Create Transfer • Create Workspace • Sign Transfer • Exchange funds for • Enter Land Title Instrument Instrument and • PEXA Settlement (via RBA) Identifiers Lodgement • Invite Participants automatically Instructions creates • Sign Settlement Lodgement Statement Instructions • Populate Settlement * PEXA Industry Guidelines specified responsibilities of all parties involved. 8 schedule
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 9
Council Feedback 10 10 Internal Use Only
A key feedback theme emerged 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 17 h 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 11
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 12
Communications sent by RMA 13
PEXA Community page https://community.pexa.com.au/t5/Help-Centre/Notice-of-Acquisition-VIC/ba-p/68
How to register for PEXA • Government Organisations are eligible to register for PEXA as Principal Subscribers • Visit pexa.com.au to start your application 15
Q & A 16 16 Internal Use Only
Thankyou Lisa Carle General Manager, Financial Accounts M:0438070811 Lisa.carle@pexa.com.au 17
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