If at least one document in the lodgement case references every land title referenced in each other document in the lodgement case in the Workspace, then the transaction is considered a related dealing.
If a transaction is a related dealing, all documents can be lodged in one lodgement case in a single Workspace.
Please note that this page provides information for users of PEXA and can be considered best practice.
Further, each jurisdiction's Land Registry has a set of rules which validates each Lodgement Case during Lodgement Verification. Currently, Land Victoria is the only Land Registry which has rules to prevent the Lodgement on non-related dealings as described in this page.
A developer, William Wakefield has purchased three adjacent homes. Each home is encumbered by a mortgage and each mortgage is held by a different mortgagee. The developer has stated in each contract that the sale is conditional upon each of the three transactions settling on the same date and time. The developer does not wish to be in the situation of being Proprietor of only two of the three properties.
The developer’s Mortgagee has requested to place a single Mortgage across all three land titles.
The mortgage references all three land titles and therefore, the transaction is considered a related dealing and can be completed in a single Workspace.
Setting up the Workspace as Incoming Proprietor
The Incoming Proprietor creates the Workspace and selects the financial settlement date and time. Important Note: In this scenario, the Incoming Proprietor opens the Workspace as they know all relevant participants and have an interest in setting up the Workspace as a related dealing. Note: You can add and validate all three land titles when opening the Workspace or add them in the Land Titles screen.
Navigate to Land Titles and check the particulars (if applicable, use the Add Land Title button to add the relevant land titles so that all three appear on the screen).
Navigate to Participants and complete as normal.
Create your Party details (as Incoming Proprietor).
Invite the Incoming Mortgagee and Proprietors on Title. Note:The existing Mortgagees on Title will be invited into the Workspace by the Proprietors on Title.
When the Proprietors on Title have accepted the Workspace Invitation, navigate to Documents and create aTransfer of Land for each land title (and NOA, NOS or Form 24 if applicable).
Complete Stamp Duty assessments for each of the three transfers Note: You may need to record the reference numbers found on the Stamp Duty screen.
Incoming Mortgagee Roles
Incoming Mortgagee will Accept the Settlement Date/Time.
Incoming Mortgagee will prepare their National Mortgage document. Note: All three titles must be referenced in the one mortgage.
View and Sign documents as normal.
Mortgagee on Title Role
Mortgagee on Title/s will Accept the Settlement Date/Time.
Mortgagee on Title create their Discharge of Mortgage documents as per normal (and if applicable, the Nominations/Consents).
All Parties sign Documents
When documents are complete, all Parties sign documents in the usual manner.
Navigate to Documents, select the Action cog and click Sign.
All Parties complete the Financial Settlement Schedule
All parties complete and Sign the Financial Settlement Schedule in the usual manner.
Navigate to Settlement, select Destinations and then Add Destination to add destination line items (e.g. loan payout, professional fees, vendor’s funds).
Once you are at Ready – Ready status, Settlement will occur as normal at the set settlement date and time.