Recently I received a reply from the Vendor's solicitors to the requisition on title requiring the Vendor, if he has possession of the title deed, to provide the CAC seven days prior to settlement. The Vendor's solicitors have replied "CAC will not be supplied due to PEXA security threats". I know that the CAC must be entered in PEXA when completing the CoRD for the Vendor, but I have seen no notification that CACs cannot be provided to the Purchasers' solicitors due to security threats. I understand that security is a major issue but is this correct?
If the vendors solicitor is in possession of the paper CT, they will be required to create a CoRD consent to enable the electronic lodgement of any dealing(s) which require evidence of possession of title.
The Consenting party (the party in possession of the paper CT) will be required to enter the CAC, as evidence of physical possession of title, in the CoRD Consent dealing.
There is no requirement that the CAC be shared with any third party.
There is no security threat associated with lodgement of an electronic CoRD Consent, citing the CAC as evidence of CoRD via PEXA.