on 17-04-2018 03:05 PM
But if it's the vendor's mortgagee holding things up because the purchaser's rep hasn't completed the transfer is it not up to the mortgagee to convey this to the purchaser's rep? Why does this fall to the vendor's rep?
on 17-04-2018 03:10 PM
Indeed Baz, there is no need for a lender to go through a conveyancing rep in order to have another party complete a step in the PEXA process. If a mortgagee on title need someone on the purchaser's side of the transaction to do something, then a prompt through the workspace is OK, and it avoids throwing all responsibility onto the conveyancing reps for having everyone do what needs to be done. After all, we're all in this together and we're dealing with simple procedures, not giving legal advice to each others' clients.
on 17-04-2018 04:33 PM
In NSW, to move the Transfer document to 'Prepared' status, you must complete your EDR assessment, enter the OSR reference number in the 'Stamp Duty' screen in your workspace and that will verify the duty payable with the Revenue NSW.
Subject to all information matching in PEXA and the Revenue System, your Transfer should then move to Prepared.
Any duty exemptions, concessions or grants are handled in the usual way in the Revenue Office system (e.g. through EDR), not in PEXA.
on 05-03-2019 12:40 PM
This still continues, St George is still requesting a copy of transfer so they can trigger the valuation process. Two years in and they still don't understand how it works.
on 05-03-2019 12:43 PM
We're just ignoring emailed requests for documents now, and telling the banks to request documents from the client and to communicate with us only through the PEXA conversations. Too much time wasted on banks that won't update and educate staff.
on 06-03-2019 01:23 PM
PEXA has clarified here:
Financial Institutions have clarified that in the scenarios below they will make a request to the Incoming Practitioner to send a copy of the Transfer of Land regardless of whether the transaction is to proceed in PEXA or paper:
My question @TJ is really: Who administers the PEXA Platform? PEXA, or the Banks? Why are the Banks making up their own rules on how the PEXA process will be run instead of abiding by the rules and processes set by PEXA and which everyone else has to abide by? To me, this just confirms the fact that PEXA treats Banks as privileged users and everyone else as second class citizens.
on 06-03-2019 03:17 PM
Here's a simple view of the matter: I do not need a bank's involvement in a conveyancing transaction - the bank needs me. If a bank wants me to do it a favour by providing documents that the bank could otherwise obtain from its own customer, then the bank will have to co-operate with me and do things on MY terms!