Dentons has provided the following information and tips when completing a transfer as vendor or purchaser in matters it is representing:
Transfer - Sale (Mortgagee on Title)
How to initiate a Sale Request
Dentons requests that the practitioner sends the Discharge Authority directly to the Lender.
Note that the Lender is not part of the PEXA Workspace when Dentons is acting on their behalf.
Lender Contact Details:
PEXA Invitation Request
Requested information to include in the PEXA invitation:
Preferred Settlement times: (AEST/AEDT)
Dentons preferred settlement time is 12pm onwards
Settlement Date Acceptance
DENTONS Payout Process
Transfer - Purchase (Incoming Mortgagee)
How to initiate a Purchase request:
Dentons will accept a workspace invitation once the lenders instructions have been confirmed.
Dentons cannot accept settlement date and time until all loan and mortgage documents have been received from the Borrower and all the Lender’s requirements have been met.
When all documents have been received by Dentons, we require four business days to book in the settlement date and time.
Dentons requests the following details on the PEXA invitation:
Preferred Settlement Times (AEST/AEDT)
Dentons preferred settlement time is 3pm onwards.
Please note: On settlement day, Dentons requires lender funds to be cleared in their trust account to be able to verify for funds for settlement.
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.
Please notify Dentons if the TOL is changed, as we will need to seek clarification from the Lender prior to proceeding to settlement.
Funds Available for Settlement
The source funds are uploaded to the PEXA workspace when all relevant loan documents have been signed, completed and returned to Dentons; together with all pre-settlement conditions being met.
Requirements before Booking Settlements
All loan and mortgage documents must have been received from the Borrower and all the Lender’s requirements met before booking a settlement. Please refer to your individual initial letter for the Lenders settlement requirements.
Once the loan and mortgage documents and requirements are received – they will be processed by Dentons within 48 hours.
Total Funds Required for Settlement
Dentons provide the total funds for settlement.
PEXA Update December 2020: If a workspace is settling using the new Enhanced Settlement Summary (currently being rolled out via a phased deployment) TFRS will not be required. The alternative requirements are to agree funds due for settlement and select ready for shortfall or surplus. More details are available here: community.pexa.com.au/t5/Help-Centre/PEXA-s-Enhanced-Settlement-Summary/ba-p/20957. Dentons will be updating this checklist to reflect the new ESS process in early 2021.
Settlement Date Acceptance
Dentons will accept the settlement date and time when all pre-settlement conditions have been met.
Dentons require at least four business days' notice to book a settlement. Failure to meet this timeframe may impact Dentons’s ability to settle on the preferred settlement date and time.
Loan Proceeds will be finalised and confirmed by Dentons at least 1hr prior to the scheduled settlement time unless otherwise indicated.
Note: Late receipt of documents, pre-settlement conditions and funds can impact this timeframe.
Shortfall of Funds
Dentons may not hold authority to debit a borrowers account for shortfalls of funds required for settlement.
If the borrower holds an existing account with the Lender, please contact their broker/Lender to discuss further options and/or provide the required completed and signed authority to Dentons.
Day of Settlement
Please have your documents and your adjustments on the financial settlement schedule finalised prior to 10am on the day of settlement.
The financial settlement schedule in the workspace will only be verified and signed once funds have been received (usually after 1:30pm) from the Lender.
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