on 15-07-2016 06:04 PM
on 15-07-2016 06:04 PM
Can I conduct my settlement in PEXA if the seller has been given the paper discharge of mortgage and duplicate certificate of title from their bank?
Solved! Go to Solution.
on 18-07-2016 12:40 PM
on 18-07-2016 12:40 PM
SolutionHey @DeborahP
I have come in contact with a few of these before.
The challenge you will have is that the mortgagee and the Subscriber are different parties. In the paper world, this could work because the practitioner would likely bring the discharge to settlement.
However in PEXA, the party to the mortgage also needs to lodge the mortgage (or provide authority for a representative Subscriber to do the same). It is likely that this will unfortunately have to default to paper. A couple of potential work arounds are available but likley not ideal:
1. The bank recieves their discharge and lodges through PEXA
2. The paper discharge is lodged in paper prior to the PEXA settlement.
Some good news is that from 1 Aug 2016 the bank will no longer be able to do this. They will need to lodge all stand-alone discharges in PEXA
Cheersm Matt
on 18-07-2016 12:40 PM
on 18-07-2016 12:40 PM
SolutionHey @DeborahP
I have come in contact with a few of these before.
The challenge you will have is that the mortgagee and the Subscriber are different parties. In the paper world, this could work because the practitioner would likely bring the discharge to settlement.
However in PEXA, the party to the mortgage also needs to lodge the mortgage (or provide authority for a representative Subscriber to do the same). It is likely that this will unfortunately have to default to paper. A couple of potential work arounds are available but likley not ideal:
1. The bank recieves their discharge and lodges through PEXA
2. The paper discharge is lodged in paper prior to the PEXA settlement.
Some good news is that from 1 Aug 2016 the bank will no longer be able to do this. They will need to lodge all stand-alone discharges in PEXA
Cheersm Matt