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Tuesday, September 01, 2015

SETTLEMENT NEWS

Edition 24, September 2015 SETTLEMENT NEWS This year is flying past, I cannot believe that it is Spring already! I am sure everyone's looking forward to the longer, warmer days. This month in Settlement News we take you through the roll out of the first phase of the NAB Broker partnership with SAI Global. Please take note of the article below. If you have colleagues in the industry who are not yet on the Conveyancing Directory please encourage them to get onto it as we will be communicating via the directory for all the important changes that will take place. We are also offering complimentary online workshops for Search Manager, Encompass and Conveyancing Manager from September until December valued at $170 per seat. Take advantage of this to make the most out of the products. For all WA readers, we have some great news for you. We have slashed the settlement and court service fees by 33%, see more about this and changes made by Landgate which were effective as of 1 September, below. For our readers in Victoria, we have an article for you below which clarifies the Docusign requirements from the Victorian SRO. Happy Reading! Kind regards Amanda Baker Head of Industry Development NAB BROKER - WHAT YOU NEED TO KNOW FOR GO LIVE. On the 14th of August, SAI Global announced they were commencing a partnership with NAB Broker for Settlement, Stamping and Registration services. As a result of this partnership, there are a number of changes that will impact ways of working within our Industry. Settlements where NAB Broker are the Incoming Mortgagee will be completed by SAI Global Property from September the 7th in Queensland and all other states from the 28th September. From these dates, all NAB Broker Settlements will be booked using SAI Global Property’s Settlement Room application. Settlement Room is designed to eradicate any opportunity for settlements to fail while also making the business of arranging settlement more efficient. From the dates mentioned above, you will start to receive Ready To Book Invitations by email from SAI Global Property as well as your invitation to connect and participate in Settlement Room if you are not already a registered user. To ensure you are registered for Settlement Room please complete your details here or call our Settlement Room support centre on 1 300 730 000 to update your details. As part of taking on the NAB Broker settlement process, SAI Global Property will be provisioning NAB Bank cheques for all CBD and most metropolitan settlements from the 7th September for Queensland and 28th September for all other states. For all of our other metropolitan and regional settlements, cheques will be originated via SAI Global Property using Commonwealth Bank of Australia (“CBA” cheques). SAI Global Property’s network of authorised regional agents will collect and provide those cheques at settlement. Additional Settlement Room instruction and training can be located here. SAI Global Property will also be completing a number of additional settlement activities such as Stamp Duty payment and processing in Victoria and Tasmania, and the Assessment of Document Registration fees for all other states. The implementation of this partnership will be piloted in Queensland commencing the 7th September and will then roll out nationally from the 28th September. Further information regarding the actual Settlement Room locations and reference guides will be issued within the relevant states closer to the Go Live dates. COMPLIMENTARY ONLINE WORKSHOPS SAI Global understands that keeping up with technology and system enhancements is difficult. We are offering all of our customers complimentary training for Search Manager, Encompass and Conveyancing Manager from September until December 2015 valued at $170 + GST per seat! Take advantage of this complimentary offer and register for some sessions, today! View the course content for Search Manager, Encompass and Conveyancing Manager MEET THE TEAM. Carol Derbyshire. She is on a mission to help conveyancers and legal practitioners better understand how they can be more effective in their businesses by using one or more of SAI Global (Property’s) integrated software solutions. In addition to providing face-to-face Conveyancing Manager training in NSW, Queensland and Victoria, she is also developing and launching Search Manager training which will be delivered both face-to-face and online to our clients across Australia (see dates for online workshops above). Carol has 20 years’ sales and account management experience in the UK and Australia – working for large international IT companies such as Digital Equipment, Compaq, HP, StorageTek and Sun Microsystems. She joined Encompass in 2012 before moving to SAI Global two years later. Carol’s expertise is in the use of technology to help businesses move forward – be that to overcome external market challenges or improve business transactions. She says she has worked with many ‘change-averse’ individuals, helping them work through the benefits of doing things in a new way. She says there is a tendency to over-complicate when it comes to teaching technology. She is taking the opposite tack and will be helping SAI Global Property customers to use technology to simplify their business transactions and communications with clients, ensuring a win-win for all concerned. Connect with Carol on LinkedIn. SPECIAL NOTICES Victoria Docusign contracts SAI Global have received clarification from the Victorian SRO with respect to Contracts (Sale/Purchase) digitally signed using DocuSign’s digital signature product (http://ps3.saiglobal.com/e/26772/2015-09-01/4w1szw/485601752); The SRO will accept contracts for Stamping that have been signed using digital signatures via DocuSign. This does not change the requirement that the (digital) Signature on the Contract of Sale MUST match the original Signature on the Transfer document. DocuSign offers “Text” style signatures using a variety of Fonts and styles. These are not currently acceptable and will not match or pass the Contract and Transfer Signature checks at Settlement. Contracts digitally signed via DocuSign using a “Text” style signature should be escalated by Clients at the time of either Document preparation or at Document Verification/Certification as you know at the time this signature will never Match the Transfer. A reminder that for all Complex** and High Value ($2.5million and above) transactions must have a full copy of the Contract including the Special Conditions provided (Whether digitally or originally signed). This must be provided to the party responsible for stamping ie. Incoming Mortgagee or Purchasers Representative. **Complex transactions include; •Aggregation •Associated Parties •Deed Books (Old Law Titles) •Due more than 30 days •Going Concern •Primary Production •Pensioners Concession •Rebate •Sub-Sales/Form6A Western Australia Settlement and Court Service fees slashed SAI Global have just reduced our manual settlement price in WA by 33%, making it more affordable than ever to outsource your manual attendance needs and focus on what you do best ... conveyancing! Perth Settlement Attendances are now only $58.90, reduced from $88.10, and Perth Court Attendances are now only $54.21, down from $80.30. (Prices exclude GST.). To find out more about how you can take advantage of these reduced fees please give Sonia a call on +61 8 9214 6009. Western Australia Landgate Changes Landgate have announced changes which removes certain products and functions it has previously provided to the property industry. These are effective 1st September: The key call-outs for our Clients are; •Lodgement Acceptability Check (“LAC”) criteria is expanding and increased enforcement may prevent lodgement. •Requisition Notifications now only sent to the Lodger party, and no other parties. •Lodgement In Conjunction / Dual Lodgement (“Joint Lodgement”) Documents to be lodged under only one single Lodger and receipt, otherwise documents are to be lodged separately. The LAC changes will directly impact settlements, increasing the likelihood of settlement failures due to incorrect documentation that may be refused by settlement clerks to align with the lodgement changes by Landgate. With the WA requirement to lodge within three days of settlement, this will present many hurdles and create burden on settlement parties to perfecting documentation. Our SAI Global Perth Office continues to work with Australian Institute of Conveyancers (“AIC”) WA Branch as well as the “Big 4 Banks" to lobby for clarification. Additionally, there is a collective and united push for a delay and/or amendments to the proposed changes. This is to allow time for all industry stakeholders to collaborate with Landgate to improve the proposed changes as well as prepare to accommodate them. For further information please refer to the Landgate Practice Manuals page to obtain the latest LAC Manual, as well as the Practice Manual and Getting it Right brochure. You can also refer to the Landgate Customer Information Bulletins page. Yours sincerely The SAI Global Team T: 1300 730 000 E: epropertysupport@saiglobal.com www.saiglobal.com/property

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