A Workspace is a shared area in PEXA where Subscribers prepare property instruments and settlement documents for a property exchange transaction to effect lodgement and or settlement. A new Workspace is created for each new property exchange and multiple land titles can be added to the one Workspace. Multiple titles may include an Apartment with a separate car space title.
Information for a New Workspace
To create the Workspace, the following key details are required:
Jurisdiction: The jurisdiction will default based on your user preferences and is the State in which the land title transaction belongs.
Representative Role: This is your role in the Workspace. Refer to the article on Workspace Roles for more details.
Land Title Reference(s): The properties you wish to transact on.
Subscriber Workspace Reference: This is your identifier for this Workspace. This could be a reference used in your internal systems or an internal ID to help track the Workspace.
Financial settlement required?: If financial settlement is required, you will specify the date and time for the settlement.
Workgroup: The team of users assigned responsibility for the completion of tasks within the Workspace.
Create a Workspace
Click Create New Workspace on the left navigation panel.
Confirm the Jurisdiction for the Workspace is correct. Note: Your jurisdiction defaults from your user preference settings.
Select a Representative role. The Representative Role will be your role for this Workspace.
Enter the Land title reference and click Validate. Note:
The Land Title Reference is the identifier for the land title your are processing in the Workspace.
All land titles entered into a Workspace are validated with the relevant Land Registry Office.
If the Land Title reference is valid, Land Title address details are automatically populated in the Titles List, except in Victoria where the details are returned when the Workspace is created.
Enter the Subscriber Workspace Reference. This is an internal reference such as your customer references number or matter number, to help identify the Workspace at a later date. The reference can come from an internal software system, internal record keeping or could be a new reference format. This field allows for any identifier to be entered. For example: “RM:2035467_34”.
If the Workspace contains Financial Settlement: Select Yes to Financial Settlement Required? Enter a Financial settlement date. Enter a Financial settlement time.
Mark all land title references in workspace as parent? Defaults to No. An example whereby this question may be answered as Yes is if a developer is subdividing a ‘parent’ property into ‘child’ titles. The parent title is used as a placeholder in the workspace until completion of the development when further titles are assigned.
Request land title data? Defaults to Now. This ensures the land title data is returned immediately from the Land Registry. Select Later if your transaction does not require Land Registry data at this point in time.
Select a Workgroup. The Workgroup is the team you wish to assign this new Workspace to. Every Workspace requires at least one Workgroup.
Result: The Workspace Summary Screen is displayed, and the Participants can now be added to participate in the property transaction.