SettleIT FAQs

Details of SettleIT and why a client should use it
  1. SettleIT is a flexible service that allows you to outsource your individual settlement requirements to a trusted partner.
  2. SettleIT can be used for both manual and electronic settlement depending on your jurisdiction and it does not matter whether you have or have not registered with Pexa.
  3. Being flexible SettleIT can be used as part of your standard processes in your business or can be used when times are busy or the holiday seasons – it’s always available to suit your requirements, and again it does not matter if you sometimes use Pexa directly or have not even used electronic settlement at all or registered.
  4. SettleIT is more than just a settlement and from the point your matter goes unconditional right up until settlement we complete all the administrative tasks of a settlement, so you don’t have to.
  5. Both SettleIT and all SettleIT Agents fully comply with all requirements to act as an Agent for your business and carry the appropriate insurance to settle matters either electronically or manually. Details of these policies can be requested from our website.
  6. Settlement and Settle Agent fees are paid at settlement from settlement proceeds, as per the existing process of settling through Pexa.
  7. The SettleIT team have over 100 years of professional experience – they are known in the industry and know how to ensure Settlement occurs. The team is supported by SettleIT Agents who have operated in the industry for Law Firms and Conveyancers over the last 20 years.
  8. Communication is at the centre of SettleIT and we ensure we update you at each step of the process, with are guaranteed 2-hour response time, so that enquires are dealt with and responded to in a professional and timely manner.
  9. The customer is your client, not ours! From the outset SettleIT has always been clear that we are here to support the industry and ensure you can provide your customers the best service that they can expect.  We are here to help you do that and will always provide details, directions and communication to you (our client) to enable you to update your customer as you would do as part of your firm’s communication processes.
  10. Try SettleIT once at any point from now until the end of October 2019 and if you are not 100% satisfied with your experience, we will provide you a credit for your SettleIT Agent settlement fee.
How much does it cost?

The SettleIT fee is $83.93 inc GST and this is deducted from the settlement proceeds.

Do you attend to stamping?

Yes, or you can attend to stamping yourself. If we attend to stamping an additional fee of $44 inc GST will be deducted from the settlement proceeds.

We already use a settlement agent, can we continue to use them?

SettleIT utilise many existing agents to our service. Please enquire as to the growing list of agents we support and work with.

What does SettleIT do that our existing agents don’t?

SettleIT are able to handle most of the administrative aspects of your conveyancing matters post exchange. This includes but not limited to preparing the Transfer, contacting the banks and obtaining figures, contacting authorities and calculating settlement adjustments, managing the ELNO workspace and settling the matter.

Do I need to be registered with PEXA to use SettleIT?

No, we are registered with PEXA so that you do not need to be.

We love using PEXA and don’t need someone else to do this for us?

Most of our clients do, however SettleIT undertake much more than just working in the ELNO workspace. How much time do you currently spend contacting banks and authorities and calculating adjustments?

Can we still log into the PEXA workspace?

Yes you can however you are not required to as we would oversee this entire process.

I have already completed the transfer in PEXA. Can you still take over?

Yes, please provide us with a PEXA invitation to do so.

Do I need to set InfoTrack up with access to my PEXA to use SettleIT?

No, we do not operate in your PEXA. Our SettleIT agents have their own PEXA accounts, and have solicitors and conveyancers on staff to sign off within the workspaces.

I am confident using PEXA but like the idea for overflow work and holidays – is it possible to use SettleIT like this?

Yes, many of our clients use SettleIT as an alternative to briefing a locum or referring matters to another practitioner whilst they are on holidays.

It appears that SettleIT are trying to take away jobs from the industry?

This is not the case, we are in fact doing the opposite in allowing firms to focus on the more skilled facets of conveyancing and driving efficiency of allowing firms to work on their businesses to grow and expand. InfoTrack and our network of trusted settlement agents have always handled your manual settlements, SettleIT is simply expanding our agent service into eSettlements.

Do you communicate with my client (the vendor/purchaser)?

Never, we simply act as your agent and require your authorisation before progressing to any key stage in a matter.

Do you do the settlement adjustments?

Yes, we do.

What cyber security measures are undertaken by SettleIT?

SettleIT use Securexchange (powered by InfoTrack) to manage documents and funds in a secure and safe guarded environment. If property related funds are transferred to a verified account in Securexchange, your funds are guaranteed up to the value of AUD $500,000. This gives you peace of mind that if there are any security breaches on our part, we will make sure you get your money back.

I don’t have a trust account, what do I do?

You are able to use our Trust Account at no additional cost.

Who conducts to Verification of Identity “VOI”?

We know that protecting your relationship with your client is paramount to the success of your business. Because of this, we allow you to act as the identity agent to VOI your clients, and we conduct further due diligence on the VOI to ensure we are happy with its compliance to the ARNECC requirements.

Do I still need to get a Client Authorisation Form “CAF” signed?

Yes, the CAF is a requirement to transact in PEXA and we still require this form. The CAF is completed with InfoTrack as the subscriber, as well as you and your client signing, providing us with authority to act. To help keep the process simple, there is a pre-populated downloadable CAF, as well as the option to eSign the CAF, within your SettleIT workspace.

I would like to undertake matters in another State, can SettleIT accommodate this?

Yes, many of our clients have found this as a great way to expand on their geographical reach.

Do you hold the required Indemnity Insurances?

Yes, we do. InfoTrack’s SettleIT agents hold appropriate insurances (including professional indemnity, public liability, products liability and cyber insurance) and meet ARNECC’s guidelines, which enables us to transact on your behalf with confidence.

We don’t need to undertake eSettlements yet because there is no mandate in our state (QLD)?

SettleIT manage more than just the eSettlement process. Prior to any mandates being introduced, it is important to get ahead and be prepared with viable solutions that work for your firm.

Who signs off on the important stages of the settlement?

You do, we act solely and exclusively on your authority prior to proceeding to any key stage.

Do I need to provide a final search before settlement?

No, we will undertake a final search for you at no additional cost. We do this in addition to obtaining a Title Activity Check.

How do we get a full demonstration of SettleIT?

Contact one of our helpful team members at sales@infotrack.com.au.