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Putting transparancy into the settlement process

We are thrilled to announce that our much anticipated online collaborative workspace, Settlement Room, has rolled out nationwide and conveyancers and solicitors can now access this space free of charge, regardless of whether they are our customers or not.

Developed for use in both the manual (physical) and online settlement world, this workspace will make a significant contribution to reducing settlement failure by providing all parties in the settlement process a “clear line of sight into each other’s matters”.

According to SAI Global Property’s Program Director, Electronic Settlements, Amanda Baker, it will eradicate one of the biggest ‘pain-points’ for both conveyancers and solicitors – that is, not having enough information about other parties’ matters in a settlement and not being able to easily check documents for errors.

Settlement Room addresses these issues by providing all parties in the settlement process (outgoing and incoming mortgagees and purchaser and vendor representatives) with a virtual meeting or ‘transaction’ workspace where they can meet online prior to actual settlement."

“Here they can upload documents, verify information about the property and deal with issues ahead of time, dramatically increasing the probability for matters to settle first time.”

Set to replace SAI Global Property’s Self Service Booking (SSB) tool, the new workspace will also more effectively address the age-old problem of arranging settlement.

Conveyancers to a property transaction will now be able to book the date, time and location of each settlement transaction online, providing all participants with real time visibility of the status of a booking. They will also be able to respond quickly and easily on the morning of settlement and to arrange cheque directions, get cheques sorted and confirm that settlement can go ahead.

Settlement Room
will also make an important contribution in preparing conveyancers for their transition to PEXA by bringing some of the processes they will have to adapt to, into the manual world.

“It will provide them with incremental steps towards getting used to digital settlement.  Rather than picking up a file or phone, Settlement Room will encourage practitioners to go online and respond to email notifications and complete actions in the electronic world.”

However, she says, for those who never plan to go down the electronic route, the workspace will improve their experience in the manual world significantly and in some instances may well encourage those who had not planned on taking the PEXA pathway, to take the plunge.

For existing SAI Global Property conveyancers and solicitor customers, Settlement Room will
be the final piece in the company’s end-to-end electronic settlement system. 

To be integrated with our conveyancing workflow tool, Conveyancing Manager; our online settlement portal for banks, Settlement Manager; our search platform, Search Manager, and in the future, the PEXA platform, the new collaborative workspace will provide users a highly cohesive space in which to work and collaborate.

For companies already using Conveyancing Manager, information from this application will automatically pre-populate settlement matters in Settlement Room, eliminating unnecessary re-keying of data. Similarly for those already using Settlement Manager, information from this application will automatically pre-populate settlement matters in Settlement Room.

Integration will also provide the potential for settlements to be arranged from any of these products or from Settlement Room directly, removing the need to log into numerous platforms and systems to complete arranging settlement.
 

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