NSW Paper Titles Dated Pre 2004...

[Marianne1]

hello pexa team

I have one of these titles with me - dated 3/10/2001- I went to use it in pexa- and discovered I was unable to. as it was pre 2004 I have to send to LPI NSW to be produced and then it is converted to electronic title ..then I can deal with title in pexa...Is this a common issue as I was thinking along the lines of refinances- sales...where these titles come from. I don't know what happens at LPI NSW when I send it there as I am going to send to them today. Is therea timeframe for this "conversion" to be done.. Any assistance you can give me would be appreciated.. I can provide title details   if pexa team call me but due to privacy reasons I cannot put in this email...thanks Marianne...

[GeorgePolus · Accepted solution]

Hi Marianne,

Titles pre Jan 1 2004 do not have a Certificate Authentication Code (CAC).
 

However, if the title has been encumbered by a Mortgage since pre- Jan 1, 2004, then LPI will allow the title to be traded electronically by the First Mortgagee without entry of the CAC as Evidence of CoRD. 

NOTE:  Only if the First Mortgagee is the Participant dealing, and the title has been encumbered by a mortgage since pre Jan 1, 2004, will LPI allow a non-CAC title to be traded electronically.  Else, as you point out, the title will have to be produced to LPI. 

When creating the CoRD Consent in PEXA, you will need to enter the edition number and date of the title, and leave the CAC blank.  

Please let me know if you have more questions. 

[Marianne1]

Thank you George for answering my question..much appreciated.. have a great day...

[Nigel_Sellens]

Further to the above solution, where your NSW Paper Title dated pre-2004 is unencumbered, and you are required to produce your title at NSWLRS, the production code issued by NSW LRS has an expiry of three months from the date of issue.

It is therefore recommended that you do not produce your paper title until the property has sold and contracts have exchanged. 

In circumstances where your completion date is more than three months after the date of the Contract,  you should only produce your paper title within three months of the anticipated completion date.  Otherwise, your client may be liable for a second production fee if your first production code has expired.