on 09-10-2018 11:23 AM
I have a matter with ANZ as the discharging bank. We are selling our property in Victoria, but ANZ are also releasing security over a property in Western Australia. Can this be done on the one workspace, or does a separate workspace need to be created for the discharge of mortgage for the WA property?
on 09-10-2018 03:21 PM
At this point Shelley you can only have one jurisdiction in any workspace, so the WA deal will require its own workspace. They can however be linked together.
on 14-10-2018 11:08 AM
Each PEXA workspace may only include land titles from a single jurisdiction.
Linked settlements and liked lodgements allow cross jurisdictional worksapces to be linked.
Workspaes may be linked for simultaneous or sequential processing.
Linked settlements workspaces require vendor surplus funds from a preceding workspce to be used as purchasers equity in the trailing workspace.
Linked lodgements require that an incoming mortgagee select to orchestrate the dealings.
In addition, you can always achieve a similar outcome by setting each workspace to settle at the same date and time.
Please do let me @GeorgePolus know if you have more questions.
on 14-10-2018 02:04 PM
Thanks for jumping in to answer this one George.
We are certainly starting to see more and more linked multi-jurisdictional deals coming through.
The process works well.