Withdrawal of Caveat - Unregistered mortgagee is the Caveator

[cmac88]

Withdrawal of caveat that includes the financial settlement step e.g. where an unregistered mortgagee is the caveator on title and needs to be paid out. 

How do i go about this?

[GeorgePolus]

Hi Cathy

When you create the workspace in the role of Caveator in Title, be sure to select 'with financial settlement.

Once the workspace is created, invite the Participant representing the Proprietor(s) against whom the Caveat applies. 

This participant will come into the workspace in the role of  PoT.   No documents needs be prepared by this participant, only completion of a source funds line item with sufficient funds to cover the claimed amount, plus any professional fees, lodgement fees and PEXA fees. 

In your role. you will create a few Destination line items:

1. Claim pay-out amount.  For this line item, you will need to select the Line Category 'Other' and then either your firms Trust Account or your clients Account (as you see fit).
2. Your firms professional fees  (If these are to be paid by your client, you will need to have your client deposit funds into your firms trust account or the PEXA source account if you do not have a trust account.
3. PEXA will create line items payable by your firm (as you will be the lodging party)  to LUV for Lodgement Fees.
4. PEXA will create a destination line item for Withdrawal of Caveat with Settlement against your firm. 
   
   

In your role you will also crate the Withdrawal of Caveat.

The PoT representative, will be required to to enter Source Funds to balance the Settlement Schedule.

Once your firm and the PoT rep have agreed settlement date and time, balanced and signed the Settlement Schedule and your firm has signed the WCav and Lodgement Instructions, the workspace will be Ready for Settlement at the agreed settlement date and time.

Please let me @GeorgePolus know if you have more questions.

Regards

George