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From 1 July 2018, standalone transfers, standalone caveats and Non-Authorised Deposit-taking Institution discharges, mortgages and refinances are moving online in New South Wales, see timeline here.
To make sure you're ready to transact digitally, the PEXA team from NSW are going to be online on Tuesday to answer your questions.
If you’re not already a member of the e-Conveyancing Community, Join Today today so you can participate.
Welcome to Ask Us Anything!
Today is about preparing for the 1 July Mandate in NSW. The team are ready to answer your questions. Ask below this post by clicking 'reply' or start a new thread here.
A friendly reminder:
- this is an online event for PEXA members only
- House Rules and Community Rules apply to any community post
We had a Community poster recently describe a problem they have as follows.
This cannot be adequately accommodated via PEXA.
Is this situation grounds enough for both activities (transfer settlement & standalone discharge on guarantee property) to be processed as physical settlement/lodgement?
Great question. Have you tried using the Linked Lodgement capability in PEXA? As a financial institution you can link the standalone discharge workspace and the transfer workspace to enable them both to be lodged. Whilst the lodging of both workspaces is not simultaneous (there is no concept of simultaneous lodgement at the land registry end), the standalone discharge lodgement would be dependent on the success of the transfer workspace.
As lodgement verification has taken place on all documents prior to settlement, there is confidence in both workspaces lodging without incident.
You might like to workshop this with your account manager @AvinaAl.
I don't believe we can link a transfer workspace with a standalone discharge workspace can we?
Financial with a non-financial?
Even if we can, this does not resolve the issue from the Vendor Practioner perspective.
They will not be a party to the discharge workspace so cannot view it to satisfy themselves that all is good before they sign to authorise the sale settlement.
Does the 1 July mandate also apply to standalone withdrawals of caveat?
No the 1 July 2018 does not apply to standalone withdrawal of caveats.
We are work-shopping this one for a solution. Will report back shortly.