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Trasmission Application

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  • Trasmission Application

Trasmission Application

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CDGLaw
CDGLaw
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on ‎24-07-2018 02:53 PM

on ‎24-07-2018 02:53 PM

Trasmission Application

We are attempting to complete a Transmission Application through PEXA. 

The client is the administrator and beneficiary under the estate and we have used the instructions on the community page for this scenario. 

entered that a financial settlement was not required however the workspace notes that one IS required and that we need to create a transfer in addition to the transmission application. 

Can we amend the workspace to ensure that no finance settlement is required?

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Category:
  • Document Preparation
  • Financial Settlement
  • NSW
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Ames
Ames Star Employee
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on ‎25-07-2018 10:03 AM

on ‎25-07-2018 10:03 AM

Solution

Re: Trasmission Application

Hi @CDGLaw

 

As per the instructions on Community, financial settlement is required for a transmission direct to beneficiary:

 

Create the Workspace with the following settings:

  • Representative Role: Incoming Proprietor.
  • Financial Settlement required?: Yes
  • Will this transaction involve a Transfer?: Yes

 

This is not because there is any requirement to settle funds between the parties. The reason is that PEXA Workspaces with financial settlement are able to receive a duty verification from the OSR.

 

It is necessary for PEXA to receive confirmation that duty has been assessed in EDR and to validate that information in each system is consistent.

 

A transmission alone can be completed in a workspace without financial settlement. However, any transfer to the beneficiary must be in a financial settlement workspace. 

 

Ames

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Ames
Ames Star Employee
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on ‎25-07-2018 10:03 AM

on ‎25-07-2018 10:03 AM

Solution

Re: Trasmission Application

Hi @CDGLaw

 

As per the instructions on Community, financial settlement is required for a transmission direct to beneficiary:

 

Create the Workspace with the following settings:

  • Representative Role: Incoming Proprietor.
  • Financial Settlement required?: Yes
  • Will this transaction involve a Transfer?: Yes

 

This is not because there is any requirement to settle funds between the parties. The reason is that PEXA Workspaces with financial settlement are able to receive a duty verification from the OSR.

 

It is necessary for PEXA to receive confirmation that duty has been assessed in EDR and to validate that information in each system is consistent.

 

A transmission alone can be completed in a workspace without financial settlement. However, any transfer to the beneficiary must be in a financial settlement workspace. 

 

Ames

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