Transfer - Sale (Mortgagee on Title)
How to initiate a Sale Request
Please provide or advise the client to complete and send the completed Discharge Authority to BOQ.
Note: Please advise your customers to contact their respective BOQ banker/relationship person to initiate the Release request. The Discharge Authority form must be completed in full and executed correctly.
PEXA Invitation Request
- Please ensure the PEXA invitation is sent as early as possible or at least 15 days prior to settlement with Discharge Authority uploaded into PEXA.
- Settlement days set shorter than 15 days may impact settlement time.
Accepting Settlement Date/Time
- The requested settlement date will not be accepted until the discharge authority has been received and all pre-settlement conditions have been met.
- Where documents or pre-settlement conditions have not been received before 5 business days of settlement, BOQ may push the settlement date out.
- If the Discharge Authority (DA) is not received by BOQ >5 days out from proposed Settlement, then BOQ will be moved out by another 5 days to allow time for receipt and processing of the request.
If the Discharge Authority (DA) is received earlier and wish to move the date forward, this is to be agreed by both parties.
BOQ Payout Process
- Indicative payout figures are provided by BOQ banker/relationship person.
- Final Payout Figures are confirmed on the morning of settlement after 10:30am.
- Please do not escalate unless final payouts are not in the PEXA workspace post 10:30am the day of settlement.
Surplus Funds
- BOQ preference is for the practitioner to manage any surplus funds in PEXA
Transfer - Purchase (Incoming Mortgagee)
How to initiate a Purchase request:
To avoid settlement delays please ensure an invitation request has been sent as soon as possible or at least 15 days prior to settlement and all the relevant customer information is provided up front.
Information required on a PEXA invitation:
When sending an invitation please include as much information about the customer/transaction as possible and as a minimum include the following:
- Full name of the customer
- Address of property
- Application number/reference number
Note: BOQ will accept all invitations by default and will request additional information via a conversation if a customer file cannot be located.
Accepting Settlement Date/Time
Spread equally across the day.
Transfer of Land (TOL)
Please ensure the TOL document is prepared as soon as possible, preferably at the time of workspace creation, or at least 5 business days prior to settlement and must be satisfactory to progress to booking stage.
Funds Available for Settlement
On day of Settlement BOQ will load funds available that BOQ hold to balance against the required Destinations. This amount will include all financed fees applicable to the transaction.
Shortfall of Funds
Shortfall position should be based on funds available vs funds required. Should there be a shortfall or discrepancy the standard shortfall email will be issued to the corresponding BOQ branches.
Settlement Date Acceptance
The requested settlement date will not be accepted until all customer documents have been returned and all pre-settlement conditions have been met. 2 clear business days’ notice required from when workflow is received.
