on 18-08-2017 05:01 PM
Hi everyone, apology if the above question has been asked but I'm having a problem with setting up a Transfer in PEXA. I'm acting for both parties whereby we are adding a husband on the title currently held only in wife's name. I have set up the workspace as acting for the proprietor on title. Now when I want to add the husband, I can't select as "acting for this party" for some reason. Is it possible to act for both parties and if so, how do I set it up? Appreciate your assistance. Svetlana
on 21-08-2017 10:12 AM
Check the PEXA qualifier tool, AFAIK you need to deal on whole of the land. But if you are, you might need to add your role as acting for the the other client under workspace settings.
on 21-08-2017 11:05 AM
Please always feel free to ask questions - that is what PEXA Community is here for.
IMPORTANT: If your transaction is in the jurisdiction of VIC, right now we have an issue where a change in manner of holding may result in transfer transaction attracting duty when it ought be exempt from duty. A change will be made in PEXA which will come into effect in early 2018 to rectify this Duty Calculation issue. Until then, I am afraid that to attract the correct duty, this type of transfer will have to be completed via the paper channel.
That said, how does a Representative Subscriber represent more than one Party in a different role?
In PEXA there are two important comcepts.
A Representative Subscriber ( a lawyer or licensed conveyancer) may represent more than one Party in a given workspace. Each Party may be represented in the same role, e.g Vendor/Proprietor on Title/ Transferor or different Parties may be represented in different roles, e.g one Party as Vendor/Proprietor on Title/ Transferor and another Party as Purchaser / Incoming Proprietor / Transferee.
So, how does a Representative Subscriber represent more than one Party in a different role?
Please click here to see a video showing you how to add a role to your workspace.
Please let me know if you need more information or have more questions.
on 21-08-2017 12:55 PM
We are in the process of doing two of these in NSW.
I was under the assumption that we could use our Direct Debit Account to pay pexa and registration fees. I was wrong. The pexa and registration fees MUST come from your Trust or Source Account.
on 21-08-2017 01:54 PM
In a workspace that includes Financial Settlement, PEXA will automatically create a Disbursement line item for disbursement of PEXA Fees. Only for stand-alone transactions that do not include Financial Settlement does PEXA recover PEXA and Lodgement Fees via Direct Debit.
When acting for a Purchaser, Source funds for payment of PEXA fees via the Financial Settlement Schedule may come only from one of two places.
When acting for a Vendor, Source funds for payment of PEXA fees via the Financial Settlement Schedule may only come from one of two places.
Note: The same reasoning as outlined above may be applied to recovery of your firms Professional Fees. PEXA allows entry of a Category of Professional Fees.
Please let me know if you need additional information or have any other questions.