PEXA is pleased to present a major release of the PEXA System, Release 10.0.0, scheduled for business go live 13 May 2019.
In Victoria, the Stamp Duty screen has been updated. The Verify Duty menu item is not available until all mandatory data has been entered.
The most common reasons the Verify Duty menu item is not available are:
For more information on stamp duty in Victoria, scroll down to the VIC section on the Stamp Duty help article.
PEXA has enhanced the Part Tenancy Transfer in NSW and now supports the lodgement of this document type in SA.
A Part Tenancy Transfer can be described as a Transfer where at least one Proprietor on Title is remaining on title. This type of transfer can also be referred to as a Share Transfer, where a proprietor may not be a party to the Transfer because their shareholding is not changing.
In addition, if a Proprietor on Title is staying on title (i.e.: existing Proprietor on Title) then they may be included as a Transferee as they are acquiring an additional share of the title. Where an existing Proprietor on Title is a Transferee, you won’t need to create the proprietor as a new Incoming Proprietor party to the Workspace, instead, you can select them as a Transferee on the Transfer form and their names will be prepopulated.
Tip: Existing Proprietors on Title have the words ‘Proprietor on Title’ appended to their names.
Below are some common Part Tenancy Transfer scenarios:
Jurisdictional Land Registries have differing business rules for how these types of transactions can be fulfilled. For more information on how to complete Part Tenancy Transfers in PEXA, refer to the Transfer help article related to your jurisdiction.
Notes for Part Tenancy Transfer (NSW)
(Referencing PEXA LS2 & LS4)
The ability to lodge a Transfer of Interest is now available in SA. A Transfer of Interest allows an Interest such as a Mortgage or Encumbrance to be transferred from one interest holder to another.
A Transfer of Interest document can be created by participants in the following roles:
*Note: This document is available to Authorised Deposit-taking Institutions (ADIs) and panel members of FIs performing in the role of Mortgagee on Title; It is not available to non-ADI Financial Institutions (FIs). More information about transacting in PEXA for FIs can be found here.
To process a Transfer of Interest (of Mortgage or Encumbrance), you are not required to complete Duty verification nor require a Settlement Date and Time.
For more information, see the Transfer of Interests—Mortgage or Encumbrance (SA) article on Community.
(Referencing PEXA IWG-919)
To assist with the accuracy of Workspace checklist items, we have made some changes to the Checklist panel on the Workspace Summary screen.
Update: 15 May 2019—Due to development, this feature is postponed to a future release.
This enhancement provides our Senior Partners with the efficiency to locate a set of Workspaces that are ready for signing on the Ready to Sign Dashboard and where Manual allocation is switched on.
By clicking on the Workspace ID filter, you can enter up to 25 Workspace IDs to filter by.
(Referencing PEXA FS-4803)
As part of our initiative to be 100% digital, we’ll activate more residual documents to be available in a PEXA Workspace.
For more information about Residual Documents, see our Community help page. As we release more residual documents, we’ll also publish them here.
(Referencing PEXA LS1-4117)
The QLD Form24B has been updated in PEXA to align with the paper form.
We’ve added the following Yes/No question to the end of Form 24B in PEXA:
“Is any transferor a non-Australian entity?”
(Referencing PEXA IWG-1196)