INTEREST TITLES - SECTION 104

[Chezza]

I have a sale matter which comprises 2 interest titles. This would have normally been a paper settlement/lodgment. There is a mortgage on the titles and the incoming purchaser will ave an incoming mortgagee. To deal with this do we complete a normal old fashion paper settlement discharge of mortgage transfer, SRO assessment, cheques and all with the incoming bank collecting all docs. The CT controller would  nominate the two interest titles to a paper instrument, then the incoming bank lodges same by way of PEXA Sec 104 uploading all necessary docs??  Confirmation or advise as to how to do it would be greatly appreciated. 

[Thanh]

Hi @Chezza 

All Victorian paper lodgements can be lodged through the PEXA platform using one residual document: RECORD – NOTICE – Transfer of Land Act – Section 104.

The lodging subscriber must be acting for one of the transacting parties in the paper transaction. The existing rules for paper lodgement still applies, also the same supporting documents that would be required to satisfy the lodgement in paper will need to be uploaded and attached to the Section 104. If the multiple dealings form a case, then the Registrar will accept multiple attached paper dealings in the one generic residual dealing lodgement if the dealings are related and cannot be otherwise be lodged through PEXA.

For more information please see the below link:

https://community.pexa.com.au/t5/Victoria/Land-Use-Victoria-Guide-to-submitting-a-paper-transaction-...

[Stephanie1]

Hi,

I have a similar situation for the sale of a car park involving one "normal" title and then four interest titles.  Can this transaction be conducted in the normal way in PEXA or will it need to be done in paper with s104 residual lodging?

Thanks. 

Stephanie.

[Chezza]

Hi Stephanie,

We've done a few interest ones since and they have to be done in paper by way of S104 residual lodgement. 

Regards

Chezza