Use of Electronic Settlements During COVID-19 Outbreak
Finlaysons is registered to lodge documents electronically through PEXA. In line with the advice of the Office of the Registrar-General and Finlaysons Business Continuity Plan, as of Monday 23 March 2020, we will be conducting all settlements electronically where possible.
On 20 March 2020 Office of the Registrar-General advised that the Lands Services SA Settlements Room will be closed effective from 5pm Friday 20 March 2020. This aligns with the Federal Government announcement on 18 March 2020 restricting non-essential indoor gatherings of 100 people or more.
Finlaysons Settlements to Move to Electronic Lodgement
We do anticipate some teething issues with over 1000 transactions moving electronic overnight. Where there are delays, we will keep you up to date and we ask you to be patient during this time. Our experience with PEXA to date is that the usual 11.30am settlement is rarely achieved and hence we will notify you as soon as each settlement occurs.
Where we are unable to settle electronically, we will endeavour to organise a face-to-face settlement complying with the advice of the Office of the Registrar-General and government directives, so long as the Drop & Go and Face-To-Face Lodgement services as provided by Lands Services SA remain open.
- Do I need a licence to use PEXA? No – As clients of Finlaysons you will not need to purchase any PEXA licence, Finlaysons will transact on your behalf.
- Will I get a Settlement Statement? Yes. You will still receive all of the normal notifications – you will have a settlement statement (which is a valid tax invoice) for the transaction and you will be provided with receipts from Finlaysons for deposits as per normal.
- How do I authorise Finlaysons to transact on PEXA? As per our normal routine, we will send you statements, transfers and other settlement documents for your approve before we transact. Nothing else is required.
Effects on Services and Processes
While Lands Services SA is not open to complete settlements, the Drop & Go and Face-to-Face Lodgement services as provided by Lands Services SA remains unchanged. Lands Services SA will, however, continue to closely monitor the situation and respond according to the government directives, health advice and guidelines.
Transacting in PEXA
Access list of Land Registry documents currently available to be completed electronically through PEXA in each state here.
Pricing for Transacting in PEXA
PEXA does not charge up-front registration fees or ongoing subscription fees, members are only charged per successful transaction. Charges vary depending on the type of transaction. Click here to see pricing schedule effective 1 July 2019: Please note, PEXA is offering half price Transfers ($57.04) until the end of April.
The speed with which COVID-19 is spreading and the varied responses both internally within Australia and externally change on a daily basis. It is important that you regularly keep up to date with all relevant information and be prepared to respond as the landscape in which the virus is moving changes.
This Alert is intended as general information only. It does not purport to be comprehensive advice or legal advice. Readers must seek professional advice before acting in relation to these matters.