on 27-11-2019 06:26 PM
After we lodge the ownership transfer documents to land title office, it take several days to review and completing registration. During the reviewing period, some bad thing could happen, For example, a third party can lodge a Caveat to the seller and stop the registration process. Can PEXA prevent from this?
on 28-11-2019 10:02 AM
Hi TJ, if the transfer documents have been lodged prior to the caveat then they would take priority anyway. With PEXA registration is usually instant or at least same day (expect SA). A priority notice is always a good idea in Qld but would not stop registration of a caveat prior to lodgement of the transfer. The good thing with PEXA transactions is that you are notified of title activity straight away. Hope this helps.
on 28-11-2019 10:10 AM
Hi @TJ , yes this is where a Priority Notice would come in handy, although I understand that:
1. In NSW the registration of some dealings would not be prevented by a priority notice, one of those being a caveat or the withdrawal or lapsing of a caveat.
2. In VIC, Land Use Victoria confirms:
'A priority notice will not prevent recording an instrument that does not require a supporting Certificate of Title (eg caveats, warrants and land tax charges) which will still be recorded regardless of a priority notice.
A priority notice can apply to all instrument types and will:
* protect the interests of parties to an intended instrument or transaction, from the time the priority notice is lodged until that instrument or transaction is lodged
* alert interested parties who search the Register that an instrument or transaction is pending'
3. In Queensland the eConveyancing Guidelines state:
'7.2.4 A new dealing lodged after locking and before settlement
Once the workspace locks it will proceed to settlement unless the dealing lodged after locking prevents lodgement. The only dealing that will prevent lodgement of the transfer documents will be a change of name request. Other dealings such as caveat, writs or encumbrances will prevent registration, but not lodgement. This is the same as the risk in a paper settlement where a dealing is lodged after the settlement has occurred, but before lodgement and registration. The risk to a buyer can be minimised by lodging a settlement notice.'
on 28-11-2019 11:03 AM
In terms of " With PEXA registration is usually instant or at least same day (expect SA). " does that imply to title lodgement to office or receive title registration from title office? Cheers,
on 28-11-2019 11:13 AM
Hi @joyihkao - lodgement of documents to the titles office happens during the PEXA settlement process. Registration and the issuing of a Registration Confirmation Statement, for most states, will issue the same day as settlement. In SA the registration process is a little longer. Documents are lodged for registration during the settlement process and Registration Confirmation will usually take between 2 - 5 business days. Hope this helps!