Gadens (Brisbane) have provided the following information and tips when completing a transfer as vendor or purchaser with them representing:
Please let us know in the comments if this is helpful, and if there is further information you'd like added.
Transfer - Sale (Mortgagee on Title)
How to initiate a Sale Request
Gadens request that the practitioner sends the Discharge Authority directly to the Lender. Note that the Lender is not part of the PEXA Workspace when Gadens is acting on their behalf.
Lender Contact Details:
PEXA Invitation Request
Preferred Settlement times: (AEST/AEDT)
Gadens preferred settlement time is 12pm onwards.
Settlement Date Acceptance
Gadens Payout Process
Surplus Funds
Transfer - Purchase (Incoming Mortgagee)
How to initiate a Purchase request:
Gadens will accept a workspace invitation once the lenders instructions have been confirmed. Gadens cannot accept settlement date and time until all documents have been received from the Lender.
When all documents have been received by Gadens, we require four business days to book in the settlement date and time.
Gadens require the following details on the PEXA invitation:
Preferred Settlement Times (AEST/AEDT)
Gadens preferred settlement time is 2pm onwards.
Please note: On settlement day, Gadens 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 Gadens 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 Gadens; together with all pre-settlement conditions being met.
Requirements before Booking Settlements
All executed loan and mortgage documents must have been received before booking a settlement. Refer to the initial letter for the Lenders settlement requirements.
Total Funds Required for Settlement
Gadens 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 . Gadens will be updating this checklist to reflect the new ESS process in early 2021.
Settlement Date Acceptance
Gadens will accept the settlement date and time when all pre-settlement conditions have been met.
Gadens require at least four business days' notice to book a settlement.
Failure to meet the above timeframes may impact Gadens’s ability to settle on the preferred settlement date and time.
Loan Proceeds
Loan Proceeds will be finalised and confirmed by Gadens at least one hour prior to the scheduled settlement timeunless otherwise indicated.
Note:Late receipt of documents, pre-settlement conditions and funds can impact this timeframe.
Shortfall of Funds
Gadens may not hold authority to debit a borrowers account for shortfalls for lenders.
If the borrower holds an existing account, please contact their broker/lender to discuss further options.
Day of Settlement
Please have your documents and your adjustments on the financial settlement schedule finalised and signed at least 4 hours before settlement.
The financial settlement schedule in the workspace will only be verified and signed once funds have been received (usually after 12pm) from the Lender.
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