on 06-06-2018 02:04 PM
We currently have a refinance matter that the title is qualified, For a qualified title we require all old system documents at settlement.
Therefore is there another option available to complete this refinance matter other than via PEXA
on 07-06-2018 01:08 PM
The fact that a NSW title is 'qualified' will have no bearing upon its eligibility for lodgement of electronic documents. So, in short, an electronic ReFI will be possible.
Please let me @GeorgePolus know if you have more questions.
on 07-06-2018 02:15 PM
Further to your reply that we can process a matter that is qualified title on PEXA my concern is that we would still have to check the integrity of the title and given our matter is a refinance we would have to obtain the chain of documents prior to settlement.
I am wondering how other Financial Institutions have dealt with qualified titles and settlements and do they obtain the old system documents prior to settlement first.
on 07-06-2018 02:37 PM
Yes. A title that is qualified is marked as such because when the registrar 'converted' the title from the pre-Torrens format to Torrens (a project which I understand was completed by NSW LRS some years ago) the Registrar was unable to guarantee the proprietorship.
So, no matter if the dealing were to be completed via the paper or electronic channel, determination of the proprietorship of a qualified title would need to be resolved to the satisfaction of all interested parties before I expect any dealing would be signed for lodgement.
If you are concerned about a given qualified title, the only thing I can suggest is to seek professional advice from a suitably qualified practitioner.
Sorry I cannot be of more assistance.
on 07-06-2018 05:03 PM
We have this same issue.
It is a requirement that the chain of documents be exchanged at settlement.
As Incoming Mortgagee we will not settle until we hold the chain of documents.
As a Mortgagee on Title we will not hand over the chain of documents until we receive our settlement funds.
I see no option but to settle these physically, outside of PEXA.