From Release 6.1 (22nd July), PEXA allows subscribers transacting in VIC to transfer control of their electronic CTs to other PEXA subscribers in a more efficient manner.
The Transfer of CT Control document enables Financial Institutions to give control of a title or titles to their Panel Lawyers. The same document can be used by the Panel Lawyer to pass CT control back to the Financial Institution following completion of a matter.
Solicitors and Conveyancers can also use the document to transfer control to other Solicitors or Conveyancers.
This is commonly referred to as the 'Push' approach, as the CT Controller pushes control to another subscriber.
For information about the 'Pull' approach, click here.
Complete the details on the document screen including:
On successful signing, an invitation is automatically sent to the Subscriber receiving the CT control.
You do not need to complete any further steps. Once the subscriber receiving CT control accepts the invitation, the documents are lodged automatically with the Land registry. Once lodged, the workspace will progress to a 'Completed' status and move to the 'Completed' view on your dashboard.
NOTE: If you select the wrong Subscriber, you can edit the document and select another party. This will withdraw the original Subscriber's invitation. The original Subscriber will get an email notification advising them that their invitation has been withdrawn. If, however, the original Subscriber has accepted the invitation already, then the Transfer of CT Control will have already lodged and they will be the new CT Controller. They will simply need to send control back by lodging a Transfer of CT Control.
Subscribers who are receiving CT control receive an invitation via the Invitations screen. The invitation to a Transfer of CT Control Workspace contains the land title references that are to be transferred. Please review the titles and accept the invitation. The acceptance of the invitation triggers lodgement of the document.
Steps and sample files for transferring a large number of titles in one workspace are located in the Automation article.
You may encounter the following errors when attempting to transfer control of an eCT in PEXA:
From Release 6.1.1 (9th September), PEXA will allow subscribers to request control of electronic CTs from other subscribers. A 'Pull' rather than a 'Push'. This will be restricted to Panel Lawyers requesting control from their Panel Masters.
If you are the recipient of an invitation to a Transfer of CT Control Workspace (Pull scenario), you will see an invitation in the role of CT Controller and be shown the land titles that your Panel Lawyer is requesting control of. You will not be shown the warning that applies to the 'Push' scenario, as accepting an invitation in the 'Pull' scenario does not trigger lodgement.
After accepting the invitation, review the land titles include in the Transfer of CT Control document, sign and lodge the document.
Once the document is processed by the Land Registry, your Panel Lawyer will become the CT Controller of the included land titles.