Purchase Price on Transfer

[katherineglenn011]

Previously, on paper Transfers, we have been able to note the purchase price as "refer to Notice of Sale" as a means of keeping the purchase price silent in the public record at client's request. Is there any way this can still be done in PEXA transactions?

[Jessmem]

Did you receive an answer to this? I have the same issue at the moment. 

Thanks 

[katherineglenn011]

Hi Jessmem

This is the response I received....

Hi Katherine,

Thank you for your patience. Upon liaising with the Product Owner I can advise that this is the only request we have received to implement this functionality. We’re currently working through a lot of production defects in time for the May release (R10). As a priority we’re addressing defects that have had 3 or more incidents associated with them. Therefore it's safe to say that this option will not be implemented by your April 1st deadline. We do apologise for inconvenience caused and will continue to look at implementing this functionality in future. 

Kind regards,
Clancy

Not very helpful I know.....

Kind regards

[BelindaLeFevre]

Hi @katherineglenn011 @Jessmem ,

We have another thread on this topic here and it is not the first time we have had this request.  The issue is around what is acceptable by NSW LRS and Office of the Registrar General (ORG).  PEXA creates documents in the platform based on the National E-conveyancing Data Standards.  Unfortunately in the data standards, there is no scope for providing a transfer without the consideration.  I have been liaising with ORG on if this functionality is something they would agree to.  Unfortunately the response has come back that they would not support this change and in fact, they are looking to change the rules in paper to mirror this.

Part of their argument is the transmission of the NOS information to the Valuer General means that the consideration amount becomes available shortly after settlement anyway, so there is limited value in leaving it off the transfer as people can find out the consideration within a few days.

For further discussion, please contact ORG-eConveyancing@customerservice.nsw.gov.au.

Hope this helps to clarify!

cheers
Belinda