on 04-09-2018 11:23 AM
Yes, that's correct. Where CoRD is issued, it means there is an eCT.
on 04-09-2018 11:26 AM
Thanks @RobertGoncalves-NSWORG , I understand that, what I meant by my question is would the conversion have resulted in "Positive Title Activity" noted in PEXA
on 04-09-2018 11:30 AM
If settlement is before the conversion, continue to hand over the paper title. If after conversion, a CoRD consent needs to be lodged.
After conversion its best to check the CT Status of that title because the bank may have excluded it from conversion.
From my understanding each of the majors are excluding around 3000 titles each from conversion, which pertain to settlements happening over the next few weeks.
on 04-09-2018 11:33 AM
Yes, the conversion would result in a positive TAC, because the conversion to eCT is a departmental dealing.
on 04-09-2018 11:40 AM
That was what we were thinking, thankyou for the confirmation.
on 04-09-2018 11:48 AM
So can small Credit Unions exclude titles from conversion if settlement is due the day before conversion in case settlement does not happen on the due date?
on 04-09-2018 11:53 AM
We have a paper settlement scheduled for 2 days time. We are holding the paper CT & a paper discharge of mortgage from CBA dated 7/12/2016. We made enquiries prior to the conversion and were told that the CT would be excluded from the conversion (when we queried how CBA would know to exclude the CT no-one could answer our question). We have now discovered this morning that the CT has been converted. I am currently on hold to NSWLRS to find out what we need to do from here, but can anyone provide the next steps in this scenario?
Thank you in advance.
Rachel @ Nambucca Valley Legal
on 04-09-2018 11:58 AM
Yes, credit unions (and any ADI) can exclude specific titles for conversion before the schedule date of conversion. Any titles to be excluded must be handed to NSW LRS by cob on the thursday before the conversion date using the excel spreadsheet available here: http://www.nswlrs.com.au/plan_and_title_registration/national_e-conveyancing_nsw/bulk_conversion_of_...
For clarification, say if you have settlement scheduled on a Friday and your credit unions titles are set to be converted the next day, if you give the exclusion list by the Thursday, the Friday settlement can still go through as normal, and if settlement has to be rescheduled to the next week, you would still turn up to settlement with the paper title.
Hope that makes sense.
on 04-09-2018 12:00 PM
Hi @Rachel@ Nambucca Valley Legal,
As the paper title was handed over by CBA with a discharge of mortgage prior to the CT conversion, the documents can be lodged in paper with the paper title after settlement. If you have any issues with lodgment please contact Cliff Wally at LRS.
on 04-09-2018 12:12 PM
We have some CTs in our safe with an original Discharge document attached that clients have not wanted registered previously (wanting to wait until they sell and pay the registration fee as part of that process). This query then also relates to when we are instructed in the future to act for a vendor on a sale, and they provide an original CT with DOM they have held for many years at home. What would be the process with those CTs / Discharges when it comes time for settlement either pre or post July 2019? Would they just be taken as cancelled when we create a PEXA workspace and create a CORD Consent?