on 18-04-2018 01:42 PM
A number of major banks have provided these insights into how they view workspaces and how to best work together when participating in a transfer.
I'm actually in the middle of uploading CBA's who provided their's today
on 18-04-2018 01:47 PM
on 18-04-2018 01:50 PM
thanks for those answers however
those guidelines do not give me a list of actions required to ensure that the PEXA transfer is moved into PREPARED as opposed to IN PREPARATION from the purchaser point of view - it only says : Please ensure the TOL document is prepared as soon as possible, preferably at the time of workspace creation, or at least 5 business days prior to settlement and must be satisfactory to progress to booking stage.
I currently have a purchaser who has not moved the transfer document to PREPARED therefore the bank cannot see it and we have settlement next Monday.
on 18-04-2018 02:13 PM
I don't know how different the steps are for each state, but I know for VIC it's a matter of the Purchaser's representative doing the following:
1. Retrieving and claiming a PEXA transaction through their duty online account to link it up to PEXA
2. When that's done verify it in the PEXA workspace duty section by selecting the drop down and clicking verify.
I'm not sure if this is helpful, but I feel like it would be rather generalised over all states wouldn't it?
on 18-04-2018 02:16 PM
Not sure if this helps but we also need to see the Transfer before we can book settlement in as it's part of our certification process. If the Transfer isn't in "prepared" status then we ask for a paper counterpart of what has been prepared on PEXA. We review this and proceed to booking settlement.
For getting the transfer to "prepared" status - this article walks through the purchaser's steps and there's a section on verifying the stamp duty and entering property information which should get you to "prepared"? I hope this helps!
on 18-04-2018 02:32 PM
Thanks that helps - I need to get this purchaser to enter the Stamp duty and verify it I think then they can get the transfer into prepared
on 18-04-2018 02:39 PM
@AandTLegal If you're representing the Vendor (Proprietor on Title) (it sounds like you are), I'd be curious as to why St George (I presume the incoming mortgagee) is making this request of you. Requests of this nature are normally directed to the Purchasers Solicitor/Conveyancer (Incoming Proprietors).
on 18-04-2018 02:48 PM
Hi - I was for the purchaser with initial inquiry but also trying to get a transfer prepared in a matter where I am vendor - so trying to tell the Pur solicitor what to do in order to progress the transfer document to Prepared
on 18-04-2018 03:02 PM
In response to @LG's response, it's my understanding that as soon as all Participants have accepted their invitations the purchaser's rep is able to complete the electronic Transfer of Land. Therefore there should be no delay in having the Transfer of Land completed and accessed by the lender.
We would receive a request from @LG for a paper Transfer of Land only where a Participant has not yet accepted an invitation, or if we have been tardy in preparing the electronic Transfer of Land.
In either case there would still be no need for a paper Transfer of Land in a PEXA matter, as the electronic version would be completed when all Participants are in, and the purchaser's conveyancer has been prompted to complete the electronic Transfer - or am I missing something?