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Will you be ready for the May 1st mandate?

May 1st

Will you be ready for the May 1st mandate?

Don’t wait any longer it’s time to prepare yourself.  

Regulation’s requiring all eligible, stand-alone transfers, caveats, withdrawal of caveats and any lodgement cases consisting of eligible discharges, transfers, mortgages, caveats and withdrawal of caveats to be lodged electronically will take effect as of May 1st.

Please take moment to read the following:

How will the requirement (regulations) be applied?

Contracts (O&A’s) signed on or after May 1st will need to be settled electronically.

Isn’t the regulation being debated?

Yes, there is a disallowance motion that is likely to create further debate when parliament resumes in March and again in May. However, it is likely that debate may continue after May 1st meaning that the regulations will still take effect prior to a final outcome.

Why continue to oppose the regulations after they take effect?        

AICWA will continue to oppose the regulation until the disallowance motion is either carried or lost. In opposing regulations the AICWA does NOT recommend members refraining from lodging electronically. Members need to prepare themselves for the May 1st requirement. The AICWA respects the decision of members to choose whether they settle electronically or not, however, we encourage all Members not to wait until they are forced.      

Why is AICWA opposing the regulations?

AICWA believes that the interests of all conveyancers are best served by the establishment of an independent, regulated and competitive e-settlement marketplace. To find out more contact the AICWA 

By supporting AICWA should I not settle electronically?

NO, AICWA opposition to regulations is a separate issue and should not be seen as a reason not to embrace settling electronically. AICWA supports e-conveyancing and encourages all members to register with PEXA and commence learning how to adopt e-conveyancing into your work practices. Several AICWA councillors are leading by example and have settled numerous PEXA transactions. It is critical you commence adapting and transitioning your business to e-conveyancing.    

Why is it important to embrace e-conveyancing?

Time is running out to learn how to transition your business processes. Recent reports suggest only 305 firms/agencies in WA have completed at least 1 transaction and only 193 having completed 5 or more. AICWA recommends members aim to settle approximately 50 transactions. Experiencing 50 transactions will help you modify any business processes and become accustom to effectively resolving any last minute issues.

 

How can I get started?

1. Contact a PEXA Direct Specialist to register

Email Angella.Chick@pexa.com.au

Want to know more about the PEXA Direct specials why not watch this Youtube video HERE which depicts a day in the life of Fiona with cameos from AICWA members Doc Casely and Jack Boyle.

2. Review the Model Participation Rules (MPR) 

While the MPR will assist greatly you may wish to revisit CPD course material or complete ECA workshops. AICWA has delivered both CPD sessions and ECA workshops that cover your responsibilities for settling in PEXA as well as transitioning to e-conveyancing. View MPR HERE

3. Find a buddy

Preparing yourself to settle electronically can be daunting. Finding a buddy or industry colleague willing to share their experiences can be invaluable. If you would like to be put in touch with a councillor or PEXA experienced conveyancer contact us at AICWA. PEXA have also launched a community group to assist you.    

4. Review your IT

As part of your responsibilities for transacting electronically you must ensure your IT cyber protection is current and sufficient. This is why speaking to a buddy or contacting the AICWA to speak to a Councillor is important.

5. Complete Setts+ integration

The team at CSolutions have managed to create some outstanding integration with PEXA, not to mention developing a desk top solution for your day to day business that will save you time and money.

6. Attend ECA training

AICWA is aiming to provide further ECA training commencing in late January. ECA Workshops are designed to provide a complete end to end training experience that will instruct you on your responsibilities for lodging electronically. The workshops have a good mix of theory and practical simulated PEXA lodgements.

7. Be patient, don’t expect miracles

Settling electronically can be as frustrating as settling in paper. While some aspects are really easy you still need to coordinate your processes and stay on top of things as well as be prepared for last minute chaos just as in the paper world. But remember you thrive off chaos that’s why you are a conveyancer. Cool under pressure! Settling electronically will get easier and that’s why AICWA recommend you aim to do at least 50 transactions to prepare for May 1st

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