on 24-09-2019 12:23 PM
We have a subdivision transaction where the purchaser's own land is included in the Vendor's subdivision. As such, once the subdivision is registered, the resulting title will issue with dual entitlement. Can such a title transaction be processed via PEXA? I would assume so long as both CoRD Holders prepared consents to the Transfer it could be done? Anyone had this kind of a matter?
on 04-10-2019 09:28 AM
NSW LRS and PEXA completed development works in early 2018 to enable ‘Multi’ titles for electronic lodgement. In short, all proprietors on the multi entitlement lot are received into PEXA and shown on the Land Title Screen.
A business rule (implemented both within PEXA and at NSW LRS specifically for Multi Entitlement folios) requires that ALL proprietor parties must relinquish their holding in full in order for transfer of land to be effected.
In the scenario you describe, I anticipate that there may be a complication with NSW OSR. Because the rule from NSW LRS will require that all PoT PArties relinquish their holding, Party C may only be shown as receiving 1/1 when in fact this is not the case; Party C is receiving less then 1/1. We continue to seek clarification from NSW OSR for handling of such matters where the business rule logic for NSW LRS conflicts with that of OSR.
I have asked for one of our PEXA Direct Specialist team members to reach out to you to assist.
Please let me @GeorgePolus know how you get on.