This type of transaction is processed as a Dealing with Exception (DwE) with a Residual document, and typically involves the Mortgagee on Title, Incoming Mortgagee and Incoming Proprietor in the workspace.
The required steps for a three-party transaction are
1. The Incoming Proprietor (IP) opens the workspace and invites the Mortgagee on Title (MOT) and the Incoming Mortgagee (IM)
Important: Notify other participants the transaction is a DwE in the notes section of the invitation
2. The MOT or IP creates the Transfer by Mortgagee under power of sale
a. In the documents screen, select Create Document, Other Documents
b. Select Transfer by Mortgagee Under Power of Sale from the Other Documents menu.
c. Complete as per usual
d. The IP completes the Notice of sale
3. IM creates the National Mortgage using a DwE
a. From the Documents screen the IM selects Create Document, Other Documents, Dealing with Exception
b. Complete the form and select the document type of National Mortgage Form
4. Scan and attach the paper mortgage
a. Navigate to the Files menu
b. Select Upload File
c. Browse to upload the file and select the file description of “Dealing” (NB Dealing must be selected for the next step to work)
5. Attach the scanned file to the Mortgage document
a. Navigate to the Documents screen
b. Link the uploaded file to the National Mortgage DwE
6. Edit the Lodgement instructions and ensure the lodging order is correct. The documents should look as per the below.
