MSA have provided the following information and tips when completing a transfer as vendor or purchaser with them representing:
Transfer - Sale (Mortgagee on Title)
How to initiate a Sale Request
MSA requests that the practitioner sends the Discharge Authority directly to the Lenders. Note that the Lender is not part of the PEXA Workspace when MSA is acting on their behalf.
Lender Contact Details are noted below (subject to change without notice)
PEXA Invitation Request
MSA will accept an invitation on the same day. MSA is unable to accept the booking time and date until the Lender provides instructions.
Requested information to include in the PEXA invitation:
Preferred Settlement times: (AEST/AEDT)
MSA’s preferred settlement time is 2pm onwards.
Settlement Date Acceptance
MSA will accept the booking time and date upon receipt of the security packet from the Lender.
MSA requests at least the following business days' notice to book a settlement:
Failure to meet the above timeframes may impact MSA’s ability to settle on the preferred settlement date and time.
MSA Payout Process
Surplus Funds
MSA does not accept surplus funds. If you require surplus funds please contact the Lender directly prior to making a settlement booking.
Transfer - Purchase (Incoming Mortgagee)
How to initiate a Purchase request:
MSA will accept an invitation on thesame day. MSA cannot accept settlement date and time until receipt of instructions from the Lender, all outstanding requirements have been satisfied and Quality Assurance has been completed.
MSA will provide a letter to the Borrower’s Solicitor/Conveyancer upon receiving instructions from the Lender.
If you need to follow-up theLender, please contact:
MSA requires the following in the PEXA invitation:
Preferred Settlement Times (AEST/AEDT)
MSA’s preferred settlement time is 2pm onwards.
Please note: On settlement day, MSA 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 MSA if a change is made to the TOL 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 Lender requirements are satisfied in accordance with the Borrower’s Solicitor/Conveyancer letter.
Requirements before Booking Settlements
All loan documents must have been received from the Lender before booking a settlement. Please refer to your individual initial letter for Lenders settlement requirements.
Once loan documents and requirements are received it will be processed by MSA within 24-48 hours.
Settlement Date Acceptance
MSA will accept the time and date once all Lender requirements have been satisfied and Quality Assurance has been completed.
MSA requests at least 3 business days' notice to book a settlement. Failure to meet this timeframe may impact MSA’s ability to settle on the preferred settlement date and time.
Please note that if a settlement is cancelled or postponed after 12pm the day prior to settlement, or in instances where funding has been provided, then the cancellation fee of $165 (correct at time of publication) may be applied. This could also be applied for urgent requests.
Shortfall of Funds
MSA does not hold authority to debit a borrowers account for shortfalls for lenders.
Please contact the borrower’s lender, broker or loanwriter to discuss available steps.
If the borrower holds an existing account, please contact the lender to discuss further options.
Loan Docs
Please return all requirements (including the signed loan documents) as one parcel four (4) clear business days before settlement).
If you contact the paralegal directly via email please provide the PEXA workspace ID.
Day of Settlement
MSA will sign off on the mortgage documents and lodgment instructions on the day of settlement. The financials in the workspace will only be verified and authorised and signed once funds have been received (usually after 12pm).
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