on 25-07-2018 02:16 PM
We have a situation where we are acting for a party providing funds to a caveator in return for a withdrawal of caveat.
Is it possible to create a withdrawal of caveat workspace where a third party is invited as the "source funds provider"? If so, what role would they be invited as?
on 27-07-2018 08:55 AM
Is it the proprietor providing funds? You could invite in the role of Proprietor on Title (if the Subscriber has a trust account to fund from).
on 27-07-2018 03:58 PM
If your client, the mortgagee, is providing funds to facilitate the withdrawal of caveat, you should be invited in the role of incoming mortgagee.
If, however, your client is the outgoing caveator who will be receiving the funds, and another party, such as the proprietor or the lender, is providing funds to your client, they should be invited in the appropriate role (such as proprietor on title or incoming mortgagee).
27-07-2018 04:13 PM - edited 27-07-2018 04:15 PM
If we go on as incoming mortgagee, will it matter that we don't create a mortgage within the same workspace (as this is being dealt with separately)?
on 27-07-2018 05:43 PM
The system doesn't require you to create or lodge a document and you will be able to create a source line item provided you have a trust account registered in your profile.
on 27-07-2018 05:51 PM
To clarify the above, the caveator on title will sign and lodge their instrument but you do not need to create a mortgage instrument.
if you are the CT Controller you will also need to create a nomination.
Tuesday - last edited Tuesday
Apologies if I am going over old ground again but can you confirm the following for me, please.
-There are two caveats on the property;
- I represent the vendor on the title and one of the caveator
My proposed approach is to:
1. prepare a withdrawal of caveat in pexa
2. have the second caveator prepare a withdrawal of caveat in pexa
3. add one line item under "Vendor Destination Line items" for the amount owing on the first caveat to be paid to the relevant account
4. add a second line item under "Vendor Destination Line items" for the amount owing on the second caveat to be paid to the relevant account
Can you confirm if this approach would work?
It sounds like you need to be acting in two roles - Proprietor on Title and Caveator on Title.
If you want to create the line items on behalf of the Vendor, do so in the Proprietor on Title role. If the funds are not being paid to the Vendor then you may wish to select 'Other' as a category rather than Vendor surplus.
Your withdrawal of caveat should be created in the role Caveator on Title.
Hope this helps.