PEXA requires a current and future address for each transferor and transferee. These are required for completion of the notice of acquisition and transfer of land. Previously the SRO have allowed PO Boxes to be entered for this data for the notice of acquisition as they are correspondence addresses. I have confirmed with the SRO that this is allowed for both transferor and transferee correspondence addresses.
In PEXA you must enter the data for these on the transfer document form but it will not allow a PO to be entered even for a transferor despite this address not appearing on the transfer of land. The system also prevents a different address being entered for the notice of acquisition and the transfer of land which most clients request for investment properties.
We are exposed to liability if we enter information that is contrary to our client’s instructions and they do not receive correspondence - for example notice of land tax assessment. Further we are signing the document that we potentially known contains invalid/false information which we have been advised by the legal liability committee would be deemed misconduct.
We are also required when representing a vendor to sign the notice of acquisition though there is not requirement under the Duties Act for this. When signing this document we have to declare that;
The Certifier has taken reasonable steps to ensure that this Registry Instrument or Document is correct and compliant with relevant legislation and any Prescribed Requirement.
The majority of the information contained in the Notice of Acquisition is entered by the purchaser’s representative and we have no ordinary means of validating this information.
Are the requirements for the address PEXA requirements or mandated under regulations or legislation enacted for PEXA. If the latter kindly directly me to the relevant information.