Parties are people or organisations that are referenced in the property transaction.
Examples of parties in a property transaction include:
Purchaser of land,
Seller of the land, and
Financial organisation placing a mortgage on the land title.
5 Steps in PEXA to create a new party record
Create a workspace or accept an invitation to join a workspace.
Add the applicable land title(s) to the workspace.
Navigate to the Participants screen and review the participant details and associated parties to the transaction.
Click Create Party to add a new party to the workspace.
All parties to the property transaction must be added or edited before the transaction can be successfully completed.
Existing Party Details on Title
Any party details held on the Land Title are displayed on the Participants screen when the title is added to the workspace. The details for a transacting party may be edited using this Party Screen.
If a transacting party does not exist on title, then the Party will need to be created in the workspace. A new Party may be created by any participant in the workspace.
Note: A subscriber does not need to represent a party in order to create or edit the party record.
Any party that is not yet represented by a subscriber in the workspace is displayed in the list of Unrepresented Parties.
Representative Subscribers are subscribers who represent a client in PEXA. They have a Client Authorisation Agreement signed by their client to act on their behalf. In most scenarios, representative subscribers are participants in a workspace and their client is a party.
Principal Subscribers represent themselves in a land transaction. For example, when a Bank places a Mortgage on a title, they act on their own behalf, as a principle subscriber. In this case, the Bank is both a participant and a party in the workspace.
Justifications for Change in Name
Subscribers enter justifications using the Party screen. For example, if the legal entity name differs from the name on title, or the Proprietor on Title is required to change (VIC), then a Subscriber can provide a justification for these variances using the Party screen.
Legal entity name differs from the name on title
Select the party record on the Participants screen and Action > Edit to launch the Party screen.
Previous Name on Title section of the Party screen allows you to provide your justification.
Depending on the type of justification, the related action required defaults. Justification information entered in the Party screen is then visible (read-only) in the documents, including Discharge and Mortgage documents.
Note: A subscriber does not need to represent a party in order to edit the party record for a change of name.
Create or Edit Party Details
Party screen Participants Screen 1. Click Create Party to create a new party to the selected workspace. Note: Select Edit to edit an existing party record. Party Screen 2. In the Representation field, either select:
I Represent this Party to add or edit a represented party in the workspace, or
I do not represent this Party if your organisation does not represent the party in the workspace
3. Select the Role of the party in the workspace. 4. Select the appropriate Party Type: Organisation or Individual. 5. Complete the Party Name details. Note: This must be the legal entity name. 6. Select the Land Titles to which the new party is involved. 7. Review the details of the Name on Title.
Note: A justification is required if the name of the party is different to the name on title. 8. Complete the Service of Notice Address details for the party. This is the address to which any notices are sent from the land registry 9. Complete the Delivery Address details for the party.
Note: Select Same as Service of Notice if the address is the same as the service of notice address. 10. Click Save.
Result: The Party record is created and displayed in the Participants screen.