I act for vendors selling a property. There is a mortgage listed on the title to a private lender individual. The loan was paid out in 1998 and the signed Disharge of Mortgage provided to my clients. I have the paper title and the paper Discharge of Mortgage. Can I settle this matter on PEXA??
I cannot speak for NSW LRS, but I expect they will do one of two things.
1. Allow the Proprietor (or their representative) to lodge the Paper Title and Discharge over the counter in paper. or;
2. Require that the Mortgagee (who is still on title from the Registrar's perspective) to lodge an electronic Discharge of Mortgage.
If LRS require Option 2 above, then your client will need to contact the original Mortgagee to initiate the Discharge process. Given the Mortgagee is a private Mortgagee, they will need to be represented under a CAF.
The Discharge may be lodged separately, or in combination with (in the same lodgement case) the Transfer that your client is seeking to effect.