off the plan purchases - stamping

[CourtneyFitzgerald]

Hi Team,

At at the moment, if wanting to settle an off the plan purchase via PEXA however Revenue NSW stamping was completed on the parent Lot, we have to fill out a paper form to email directly to Revenue NSW so that they can update the system on their end and verify the stamping in PEXA.

Is PEXA working on a more streamline way that this can be done within the workspace, without having to complete and lodge the form via email?

We are finding completing multiple forms when large land developments register to be extremely time consuming.

-Courtney @Edmonds

[HelenBenge]

Hello Courtney

Thanks for your question about off the plan purchases and associated stamping.  

This situation can be very time consuming and particularly when you have multiple lots to update.

I understand that Revenue NSW are working to further streamline this process so that eventually, these forms will no longer be required.  Until then, the only way to notify Revenue NSW of a change in title particulars is to complete and submit their form.  They then update their backend system manually which, in turn, verifies against the PEXA workspace.

We will certainly share any enhancements in this area with all of our Members as soon as they become available.

Again, thanks for taking the time to post your query.

Regards

Helen Benge

PEXA Direct Developer Specialist NSW

[GeorgePolus · Accepted solution]

Hi Courtney,

Both NSW OSR and PEXA are aware of this issue and have agreed a rectification solution.

In short, in NSW when property is purchased off the plan, the original stamping is completed using Parent title often well before the plan of subdivision and child title is released.   PEXA must work off the child title.  Hence, when PEXA invokes Stamp Duty verification if the original OSR stamping was performed on Parent title, without update at the OSR, the verification will fail matching on the title reference. 

We have agreed a solution to the issue with OSR.  What is yet to be agreed is timing.   Given the large number of dealings, the priority of the update is likely to be second half of calendar 2018, but I cannot, at this time, confirm when.   Apologies.

Please contact me @GeorgePolus if you have more questions.

Regards

George 

[DylanZ]

Hi George,

Any word on if this issue has been solved?

[GeorgePolus]

Hi Dylan,

NSW OSR have made an update to their platform.   

In short, when PEXA requests Stamp Duty Verification (SDV) using Child Title and SRO Transaction ID,  SRO validate that the Child Title matches the original Lot on Plan against the Parent Title.  (SRO receives a feed from LTO post lodgement of Plan of Sub-Division).

I am aware that SRO are having some issues with this solution at present, but I am not aware of the details.

My understanding is that if SDV fails using Child Title from PEXA, users are asked to call SRO who are able to correct the issue. 

We did offer to pass both parent and child title to SRO from PEXA.  But SRO's preferred option was as I outlined above. 

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

Regards,

George

[Clara]

Hello George,

Just a clarification, do we still continue sending Error Resolution Form to the SRO in case Stamp Duty Verification is unsuccessful until this issue is resolved?

Thaks

Clara

[DylanZ]

Hi Clara,

As far as I am aware with some recent matters, yes. 

[HelenBenge]

Hello Clara

I understand that Revenue NSW no longer requires the actual form to be submitted.

You can either give them a buzz or send them an email with your requirements.

Regards

Helen Benge

PEXA Developer Specialist - NSW

[Clara]

Thanks, Helen, that would reduce our task of completing and scanning the form with attachments.

[DylanZ]

Hi Helen,

Can I note that it's a little disappointing that PEXA does not proactively notify users of these kinds of changes?