Bank requiring copy of documents

[sjdlaw]

I have recently had a bank demand copies of all SRO documents and a copy of the Transfer of Land prior to settlement. 

Why are they requesting these documents when the matter is on PEXA? The stamp duty is certified/assessed by us, so they have no need to view the SRO docs and it seems unreasonable to have to email the bank a copy of the transfer of land printed off PEXA.

[PMcKee1]

Bank requirements are not intrinsically linked to SRO process in anyway. Practice and requirements for provision of forms such as the transfer of land will likely vary between various lenders. The bank will be looking for confirmation that the duty assessed  and assessment details match the property being transferred, stated transferor / transferee.

All transfers including those completed in PEXA are certified and assessed for duty through the SROs Duties Online system. The data for this is  mostly sourced from SRO forms. 

In terms of SRO paper based forms, the SRO is developing an online portal will aim to capture all required transaction data. This will remove the need for paper forms and duplication of property data entry across multiple forms.

[BGoodwin]

Hi,

As a representative subscriber for a number of lenders, I have asked for the Transfer to be visible to the incoming Mortgagee, for checking the tenancy and consideration. Checking the SRO documents in my view is not necessary. See 

https://community.pexa.com.au/t5/Ideas-and-Suggestions/Incoming-Mortgage-to-view-Transfer/m-p/2801#

[sjdlaw]

18 months later and still nothing has changed....i have cba refusing to confirm settlement is ready unless they receive a copy of the Transfer of Land!! I have told them on numerous occasions its a pexa settlement but they have no idea what im talking about.

Surely something is being done to educate banks

[TJ]

Hi @sjdlaw,

I suggest giving their settlements team a call, their contact number can be found at the top of CBA's Transfer Checklist post.

[sjdlaw]

That doesn't help, why should i have to spend 30-45min on hold to the bank to tell them to do something they should already know???

[Kate_Camilleri]

Hi @sjdlaw

We're sorry you've had this problem, can you please private message me the workspace ID so I can follow-up? 

thanks, 

Kate. 

[sjdlaw]

It happening regularly, not just on one workspace. Banks are making PEXA time consuming and impossible.

PEXA has let banks take over the conveyancing process......Conveyancers/Lawyers should run the conveyancing process 

[sjdlaw]

Giving the settlements team a call does nothing, they are like robots that haven't been programmed to understand PEXA