Learn how to prepare a transfer workspace before a Plan of Subdivision is registered. On this page, you’ll learn about:
“Off-the-plan” refers to the purchase of a lot on an unregistered plan of subdivision, this can include land only or land and building (eg. an apartment). PEXA can cater for off-the-plan sales/purchases and the on-selling of property. A significant benefit for transacting off-the-plan transactions through PEXA is the ability to settle large numbers of lots in one day.
Note: Plans of Subdivision cannot be lodged in PEXA.
On-selling Transactions (Not applicable in QLD)
On-selling refers to when an individual has purchased a lot under an off-the-plan contract and then sold the lot to a new purchaser.
To process this type of transaction in PEXA, two transfers will need to be created in a single Workspace. The party on-selling the lot will already be in the role of Incoming Proprietor (for the first transfer) and should invite the subsequent Purchaser as Incoming Proprietor and PEXA will automatically allocate roles for the second transfer.
The first transfer is between the developer and the initial purchaser. The second transfer is between the initial purchaser and the eventual owner. As in the paper world, these transactions will result in two duty assessments.
Processing an Off-the-Plan Transaction in PEXA
Parent and Child Titles are used in transactions where the ‘Parent’ title is going to be split into several ‘Child’ titles, ie. in a subdivision or off-the-plan transaction.
Create a Workspace for each of the properties that are being sold. Note: If you are selling 10 units to 10 purchasers, you would create 10 Workspaces. If you were selling 10 units to 5 purchasers, you may only need to create 5 Workspaces, if the documents in each Workspace meet the Land Registry’s related dealing rules.
The Land Title Reference used to create each Workspace will be the Parent Title.
In the Create Workspace Screen, select ‘Yes’ to ‘Mark all land titles reference in workspace as parent’.
On the Land Title screen, you will not see any data.
Invite relevant participants into the Workspace as normal.
You will not be able to create parties or create any documents until the ‘Child’ titles have been issued by the Land Registry and have been added to the Workspace.
You are able to enter in some of the FSS details if known.
Once a period of time has elapsed, the Parent Title will be divided into Child Titles. At this point, you can add the relevant Child Titles to the relevant Workspaces.
Access the Workspace from your Dashboard.
Navigate to Land Title and click ‘Add Land Title’.
Add in Child Title reference and click ‘Validate’.
The Land Title has been successfully added to the Workspace, and you can complete the remainder of the transfer in PEXA as normal.
After 120 days of inactivity, you will receive a notification, giving you 14 days to action the Workspace. If there is no activity, the Workspace will automatically move to the Archived folder. Subscribers will need to login to PEXA and complete a task in that Workspace in order to maintain an active Workspace.
Upon registry information for the child title being received into the Workspace, the parent title is automatically removed from the Workspace.
Completing the Getting Started with PEXA program? See whats next.
Next, find out what you need to do if you need to withdraw from a workspace by reading the article How to Withdraw from a Workspace.