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Settlement Room FAQ

PEXA

 
Do all solicitors / conveyancing practitioners need to be registered on PEXA?
Under the ARNECC regulations access to the Electronic Lodgement Network (which is currently only PEXA), there are eligibility criteria that must be met in order to use the system and become what is called a Subscriber. Non-subscribers or those that cannot meet the eligibility criteria are excluded from access. The good news is that if you are a law firm or licenced conveyancing practice, you automatically qualify. Back to top.
 
I’ve booked settlement in Settlement Room - do the parties still attend a physical settlement? Will this be used in conjunction with PEXA or as an alternative?
Settlement Room provides the ability to arrange your settlement online. It is a place to collaborate prior to settlement with the other parties and access information that is often not available until you actually attend physical settlement. Settlement is not completed in Settlement Room.  Physical attendance, as it is today – remains the same but with a better outcome because the opportunity to correct information that may delay the settlement is available.  Settlement Room is an alternative to PEXA for all of those transactions that do not qualify: e.g. not all parties are subscribers; customer has not completed the compliance processes to allow completion in PEXA.  Back to top.
 
When electronic settlements go live, do we need to be in front of our computer at the time settlement is supposed to happen?
No. On the morning of settlement, instead of ordering your cheques and sending cheque directions through to your bank, you will confirm within PEXA that everything is complete and you apply your digital signature at that point. If everybody has applied their digital signature, an hour prior to the scheduled time, the matter will go into lockdown. So on the morning of a settlement, if you’re happy and your customer has done their inspections to say they’re happy for settlement to proceed, you apply your digital signature in the lead up to settlement. It will automatically complete at that point and let you know that it’s been completed. At the scheduled time, you don’t have to be at your computer watching it happen. If someone in the transaction has not applied their digital signature, you’ll be advised that its’ been rescheduled for an hour later to give them another hour to act. It will automatically reschedule up until 5 o clock that day if someone hasn’t complied and completed their part. You’ll be getting notifications throughout that process. Back to top.
 
When PEXA comes on board will there be a fee?
For each PEXA transaction, there is a PEXA fee. These fees are listed at    http://www.pexa.com.au/pricing-schedule. Settlement Room is a complimentary service.  Back to top.
 
Do I need to register for Settlement Room in anticipation of being involved with a SAI Global Property settlement in the future?
If you are a member of the Conveyancing Directory, we have already registered your firm for complimentary access. Settlement Room is optional, just like SSB was. However if you choose to take the opportunity to book your settlement online with one of our banks, then Settlement Room is your option. If you are unsure of your log in details, contact us on 1300 730 000 and select option 2 and we will be able to confirm those details.  Back to top.
 
Will the PEXA platform eventually supersede Settlement Room?
Manual settlements will continue to be in existence for a very long time as not all transactions will qualify for electronic status due to limitations to the documents and property types that can be transacted electronically under the land registry rules. There is also a need for a fall back manual service should circumstances occur in the process – e.g. a builder placing a caveat on title and not appointing a subscriber solicitor to act in the settlement to withdraw the caveat and collect their money on their behalf – under the participation rules this third party attendance at settlement cannot be accommodated and will need to settle manually. Settlement Room will assist in ensuring that your customers that need to have a manual settlement will have as certain an outcome as that in the electronic system.  Back to top.
 
If we don’t choose SAI Global Property as our PEXA sponsor would we still need to access Settlement Room?
If you want to manage your manual settlement matters with our banks online, then Settlement Room is required for access. PEXA sponsorship is not an essential element but an additional option.  Back to top.
 
Download all PEXA FAQs here.
For more information about how we can help, call our Helpdesk on 1300 730 000 or complete our contact us form and we will contact you.
 

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