on 18-07-2017 11:36 AM
Question: We are panel lawyers for several banks and will be transferring control of the CT to the bank following the next PEXA release. Will we still receive the Registration Confirmation Statement if we do not control the CT?
on 19-07-2017 01:13 PM
Land Use Victoria (LUV) will always send a Registration Confirmation Statement to the PEXA Subscriber receiving CT Control upon registration of a dealing.
As a Panel Lawyer, if your organisation lodges a Mortgage while representing your Panel Master (stand-alone or as part of a ReFI or Transfer) then as the lodging party your organisation will receive CT Control and will receive a Registration Confirmation Statement.
When you Transfer CT Control to your Panel Master, your Panel Master will receive Registration Confirmation Statement upon registration of the Transfer of CT Control.
But watch this space. From November 2017, a new feature will be enabled which will allow a Panel Member as Lodging Party to direct CT Control the Panel Master they represent in a given dealing.
So, from November, as a Panel Lawyer, if your organisation lodges a Mortgage while representing your Panel Master (stand-alone or as part of a ReFI or Transfer) then as the lodging party your organisation will be able to direct CT Control to your Panel Master (as part of the Lodgement Instructions for the Case containing the Mortgage). Your organisations Panel Master will then receive a Registration Confirmation Statement for receipt of CT Control.
Let me know if you need more info.
on 09-11-2017 10:44 AM
Does this mean that a panel member who directs CT control to their panel master in the lodgement instructions won't receive the registration confirmation statement? The RCS would only go to the panel master?
on 09-11-2017 03:28 PM
You are correct. LUV will send the RCS to the Party Receiving CT Control - in this case the Panel Master.