on 14-11-2018 12:11 PM
Let's assume the transaction is as follows.
A single purchaser is purchasing three separate lots (assume for this scenario one lot per title) where each lot is owned by a separate proprietor.
In the PEXA lodgement case will be three transfers.
Transfer 1 - from Vendor 1 to Purchaser
Transfer 2 - from Vendor 2 to Purchaser
Transfer 3 - from Vendor 3 to Purchaser
There may also be three Discharges and probably one Mortgage.
The PEXA financial settlement schedule will include source funds and disbursements for all three transfers.
PEXA will orchestrate settlement and lodgement of all three dealings in the one workspace. Either all will settle and lodge or none will settle and lodge.
Note - if Lodgement override is invoked, it may be possible (but unlikely) that funds will settle and one or more dealings will fail to lodge. This is an exception scenario.
Please let me know if this helps.
Hi George, I will have such a scenario soon but with 9 vendors with all different circumstances (different lots, values differing, mortgages/no mortgage...). The only common factor is the purchaser.
1. Can you do that as outlined in your response; or
2. can I create 9 workspaces, all linked for simultaneous settlements, and have say $10.00 that I will provide on platform 1 from my office account, which then is used on the following one, until platform 9 where the $10.00 come back to me (just to make sure all settles together)?
If you have 9 lots being purchased by the same Party, then you may complete this dealing in a single workspace on a single transfer which references each of the 9 lots.
The biggest challenge will be to establish and agree, up front, the adjustments specific to the sale / purchase of each lot. Given 9 lots the FSS will disbursements will become complex, but if all Participants are orderly, there will be no issue in balancing the deal.
If you would like assistance with the set-up of this deal please contact me @GeorgePolus via private message and I will brief our support team and ask a team member to contact you.