on 10-03-2019 12:25 PM
In NSW with paper transfers where you don't want the price to known you are able to note the consideration as "see contract dated XXX" or "see NOS form".
This is confirmed here: http://rg-guidelines.nswlrs.com.au/land_dealings/dealing_requirements/transfers/transfer
How can this be done in PEXA and if it can't be done, will this be added as a future upgrade?
on 11-03-2019 01:18 PM
Hi @nfras000 ,
Thank you for raising this. This is a question we receive from time to time and is a complex issue. In it's most simplest form the answer is this can't be currently done in PEXA and would require agreement and change from our integrated partners to do so.
PEXA needs to adhere to the requirements of the Land Registries in each jurisdiction and the NECDS (National e-Conveyancing Data Standards). Currently under this regime we are required to capture the consideration amount for a transfer transaction, render the consideration amount on the transfer document (as per the NSW Land Registry Services style sheet), and present the document for lodgement verification. PEXA also undertakes stamping verification with Revenue NSW which also verifies the consideration amount matches that in the eDR assessment. To make a change to this would require agreement/change from NSW LRS, Office of the Registrar General (ORG), and Revenue NSW and the corresponding changes to each of the data standards.
To move this forward, I will raise this thread with the relevant government partners and operator to understand if there is an appetite to align the paper and electronic processes and what the likely timeline might be.
on 30-05-2019 02:15 PM
Can you please clarify if the position has changed and whether transfers and enos can now be prepared with 'nil' consideration or a reference of 'pursuant to contract date ##'.
4 weeks ago
Unfortunately it is still not possible to enter nil consideration for these scenarios. I have raised this with our government partners and discussions are ongoing. I will update in the next few weeks.