Transfer representing the vendor In VIC | Help Centre

[EmilyBilling]

Use the following steps as a guide to completing a transfer with financial settlement in PEXA representing the vendor in Victoria. You can download a VIC printable Transfers flowchart or Help Card at the bottom of this article. 

Click "Proprietor on Title"! Or to launch the tutorial in a new screen, click here.  

Either: Create a New Workspace

1. Click Create New Workspace.  
   
    
   • Jurisdiction = VIC
   • Role = Proprietor on Title
   • Land title(s)
   • Subscriber Workspace Reference
   • Request land title data now 
   • Primary Default Workgroup
   • Financial Settlement Date and Time
2. Click Save. 

or, Accept an Invitation

1. Click Invitations.  
   
2. Review the Invitation sent from the Incoming Proprietor.
3. Select Accept. 
4. Enter your Subscriber Workspace reference (your unique identifier for the workspace, e.g. matter number).

Review Land Titles

1. Navigate to the Land Titles screen.
2. Review the land title details returned from the Land Registry (including proprietors on title, any existing caveat or mortgage details). 

Confirm Representation of Party

1. Navigate to the Participants screen.
2. Locate the Proprietor on Title parties.
3. From the Actions column, select Edit Party to display the Party screen. 
   
4. Select I Represent this Party.
5. Enter client details, including date of birth and address details.
6. Click Save. 

Note: This step confirms your representation and ensures the party details are correct.

Invite Participants

1. On the Participants screen, click Invite Participant. 
2. Invite Incoming Proprietor: Invite the PEXA Subscriber who is representing the Incoming Proprietor (if not already in the Workspace).
3. If the title is encumbered, invite Mortgagee on Title.

Monitor the Incoming Proprietor’s Completion of Tasks

The Incoming Proprietor should:

• Accept your invitation
• Create Party
• Invite Incoming Mortgagee
• Create Transfer
• Edit Notice of Acquisition
• Verify Stamp Duty

Note: If you are representing the Purchaser, refer to Completing a Transfer Representing the Purchaser. 

If the Title is Encumbered, Monitor Mortgagee on Title’s Completion of Tasks

The Mortgagee on Title should:

• Accept your invitation
• Create Discharge document
• Create Nomination
• Sign and Lodge Nomination document
• Sign Discharge

Note: The financial institution who is the Mortgagee on Title was invited to the workspace in the previous step. 

If the Title is Unencumbered, Create Nomination document

1. Navigate to the Documents screen. 
2. Ensure the Transfer and associated documents have been created.
3. Click Create Document, and then Nomination. 
   
4. Complete the the nomination details:
   • Nominate eCT to Lodgement Case
   • Return eCT to Nominating Subscriber: NO
   • Convert Paper CT to eCT: YES
5. Click Save. 

Note: The Nomination document exists in a unique lodgement case and must be lodged before settlement and lodgement of the other transfer documents

Confirm Document Details

1. Navigate to the Documents screen. 
2. From the Actions column, select Edit next to the Transfer. 
   
3. From the Actions column, select Edit next to the Notice of acquisition.  
   Note: Select View if no changes are required. Select Edit to update any of the details in the document

View Lodgement Instructions

1. From the Actions column, select View next to the Lodgement Instructions. 
2. If the title is unencumbered: Edit, Sign and Lodge the Nomination Lodgement Instructions

Note:

• Editing lodgement instructions un-signs documents in the lodgement case. Select View if no changes are required.
• Lodgement verification is initiated on Save.
  
  

Sign Lodgement Instructions

1. From the Actions column, select Sign next to the Lodgement Instructions. 

Receiving funds: Complete Destination Line Items

1. Navigate to the Financial Settlement screen. 
2. Select the Destination tab.
3. Add Destination fund line items for the transaction (e.g. Vendor’s funds, conveyancing fees).

Sign Financial Settlement Schedule

1. From the Actions column, select Sign Settlement Schedule. 

 

Monitor Workspace

• Review your Workspace and monitor any changes to the Workspace right up to settlement via the Workspace Summary screen.
• You also receive email notifications informing you of changes to the Workspace.
  Note: The Workspace must be in Ready status for settlement to be successful.

Successful Settlement

Check that:

• All documents are signed and lodgement verification is successful.
• Financial Settlement is correct and balanced.

Optional - Set up automated emails to real estate agents

You can set up automated emails to be sent to the real estate agent on successful settlement. This removes the manual step of sending the email, read the instructions here. 

[kiernanc]

Hi @EmilyBilling!  This is a useful resource for getting to know what needs to happen when, and who is responsible for tasks. 

In Victoria, using the new Duties Online system (post 1/7/2017), the transferor is responsible for creating the Digital Duties form and then inviting the transferee, who can then attend to completing the form.  Once both parties have signed, the transferee is responsible for completing the duty assessment online. (See http://www.sro.vic.gov.au/completeform for a summary, though the PEXA process appears slightly different.)

The above "How to" suggests that the vendor (transferor) must wait and monitor the Workspace to make sure that the purchaser (transferee) has assessed and validated stamp duty.  That is no longer strictly correct after the Duties Online system came into being.

Are you able to update this "How to" to reflect the changes? 

[EmilyBilling]

Thanks @kiernanc. Glad to hear the resource is useful, and thanks for the pick up, I'll make sure we update the article.