Notice of Acquisition - VIC

[Vdefazio]

I am attempting to lodge a Survivorship application (Victoria) but cannot see anything in the workspace which allows me to generate a notice of acquisition for this dealing.

Am I missing something?

Thanks.

Vince

[ThanhHa · Accepted solution]

Hi Vince,

A VIC Survivorship application lodged with PEXA does not require an accompanying Notice of Acquisition. Once you have successfully completed and signed your VIC Survivorship, you can move straight to Submitting it for Lodgement.

Regards,

Thanh

[karentelfer]

If you do not generate the Notice of Acquisition to forward to relevant Council, how will we know that the transfer to the surviving owner has been completed?

[cstewart]

I am also interested in a response to this question.

Usually the SRO is notified when we lodge the NOA at Land Use Victoria.  I understand that we now need to prepare a smart form NOA, and send it to council and water authority, but what is the delivery process for the SRO.  The Land Titles Office has always accepted these when lodging a dealing.... what discussion has been had with LTO about this.  Do we post directly to SRO ?

[ThanhHa]

Hi Cathy,

For the lodgement of a Survivorship to the LTO in PEXA, it was agreed with both Land Use Victoria and SRO Victoria that a Notice of Acquisition is not required. As such, no NOA is generated in PEXA with a Survivorship.

It is worth noting that sending a NOA to Councils/Water Authorities still needs to occur as the PEXA NOA is solely for the SRO purposes and is not sent on to Council or Water Authorities. We are working with the industry to develop additional solutions to this, but at the moment this is still a required step outside of PEXA.

[cstewart]

Thank you Thanha,

That is exactly the clarification that I was seeking in relation to any agreement between the SRO and LUV as to the Notice of Acquisition.

Good to know it has been considered, and an industry standard agreed to. 

I also understand that the NOA must still be sent to the water, council and (if applicable) owners corporation management and have been doing so.

[Chrapot]

Hi,

Can you please provide us with updates regarding the Notice of Acquisition? I am unclear as to weather they must still be sent to council, water authorities etc?

Thanks.

[cstewart]

Good morning,  the short answer is Yes.

Although the funds are transferred as part of settlement, you will still need to print out a Notice of Acquisition from the Documents and attach it to a letter to the Rate Offices of Council and Water authorities, and if applicable, Owners Corporation Managers.

To save on printing and postage/DX I have found that most councils and the water authorities accept this correspondence and NOA by email.

I have started a "list" of email addresses for the appropriate authorities.

However, we are all, I am sure, waiting for an update to the process where the NOA can be send directly through the Pexa platform, either in the Notification section (with the linked NOA) or by some other internal process.

Kind regards, 

[Catherine]

Hi,

Once it is compulsory to use PEXA in Victoria from October 2018, will the NOA be sent to Council automatically at that point? At Council we have a lot of conveyancers/solicitors that assume the NOA was sent to Council and then we don't receive it causing issues.

Catherine

[cstewart]

Hi Catherine,

I too will be keen for this process to formalised.

Currently funds are transferred as adjustments under the PEXA process, and as the NOA is a document on the same platform, it would be wonderful if the document could be emailed to the Council, Water and OC (if applicable).  Currently we can insert the agents details so that an automated email issues on settlement, perhaps a similar process with an attached NOA can occur in the future.

We find it frustrating to have to send of a letter with the NOA to the rating authorities outside the PEXA platform settlement.

Look forward to hearing PEXA updates in the coming months.