Transfer with Restrictive Covenant (VIC) | Help Centre

[Saysa]

Overview

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Jurisdiction: VIC

The ability to create a Restrictive Covenant from within PEXA is now available for Victorian Transfers.

Note: From 1 July 2018, new requirements for creating restrictive covenants in Victorian transfers will take effect. More information here.

Steps

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1. Open or create a Transfer document.
2.  On the Transfer screen, in the Restrictive Covenant Details section, select the following fields:
   • Is this Transfer creating a Restrictive Covenant?—Select Yes.
   • Benefited Land—Enter either the Land Title reference, MCP Reference, or both.
   • Covenant details contained in—Enter the MCP Reference, and optionally the Covenant expiry date.
     
3. Save the document.

Related Topics

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• Transfer Help Centre Articles

[Jcawood]

Hi @Saysa,

If a contract is signed pre July 1 and there are restrictive covenants that are not contained in an MCP, can a paper settlement still be completed for a standalone transfer so that the restrictive covenants can be contained in the Transfer of Land?  

Thank you,

[SimonV]

Hi @Jcawood,

Customer Information Bulletin 1177 (link: https://www.propertyandlandtitles.vic.gov.au/customer-information-bulletins ) advises the T2 form will be available for a limited transitional time. This may be to allow T2s to be lodged in paper if the contract was signed before 1 July 2018.

It would be best to validate this directly with Land Use Victoria as we can't advise on paper transactions.

Cheers,

Simon