PEXA is pleased to present a minor release of the PEXA System, Release 10.1.0, scheduled for business go live 05 August 2019.
UPDATE:
Key Highlights
Other features
PEXA has streamlined the way corrective payments are processed. In most cases, a corrective payment is issued because the wrong account detail was entered, which needs to be rectified.
Previously, when a rejected payment during settlement occurred, the corrective payment process would be initiated by PEXA. The process commenced post-settlement and involved sending an email with an attached form to the Subscriber so they could enter the correct account details. This form would then be sent back to PEXA to facilitate the rectification of payment.
From this release, we’ve improved the corrective payment process with transaction details now corrected securely via PEXA Exchange. We’ve added a new Corrective Payments dashboard that displays pending, processing, and completed corrective payments. This dashboard is visible only to users who have permission to view and edit corrective payments. An additional corrective payment signing permission, along with a valid digital certificate, is required to digitally sign off on corrected payment changes. This further enhances security, confidence, and allows for tracking of end-to-end process for a particular corrective payment.
If a corrective payment is required for a settlement lodged in PEXA, PEXA will initiate the corrective payment process from within the platform. A notification will be displayed to users of the responsible subscriber informing them that action is required on their part to correct the payment details. Users with Corrective Payments permission can access specific transactions and enter the correct transactions details. Users with Corrective signing permission AND a valid digital certificate can sign off on the changes and submit it to PEXA. Once submitted, PEXA will review and process the corrections as required.
Only a Subscriber Manager or Subscriber Administrator has the ability to enable Corrective Payments for users.
As Subscriber Manager or Subscriber Administrator, navigate to Administrator Tools > Manage Users and select the relevant check box to assign Corrective Payment permission:
For details on how to make corrective payments, click here.
(Referencing PEXA PES-2681)
Upon creating a new Workspace, in instances where a land title is used in another Workspace, the Incoming Proprietors and Proprietors on Title are now given the option to join the existing Workspace instead of creating a new one. This aims to prevent multiple Workspaces from being created for the same transaction.
On joining an existing Workspace, the participants in that Workspace are notified with a banner message across the Workspace Summary screen.
For users of roles other than Incoming Proprietor or Proprietor on Title, if they create a new Workspace and PEXA identifies that the land title is used in another Workspace, they will be presented with the following screen:
(Referencing PEXA FS-4581)
The Model Participation Rules (MPR), defined by ARNECC, has been updated to include the recognition of an agent (i.e.: administrator or attorney) transacting on behalf of a client.
To support this change, we’ve updated our certifications in PEXA so that it aligns with the updates made in MPR version 5.
When a Subscriber navigates to the Document Signing screen, they’ll see the updated certifications for the document:
Subscribers are required to comply with the MPR made by the Registrar. By signing the documents, the Subscriber certifies that they comply with their obligations, as stated in the MPR.
For more information, see here.
(Referencing PEXA LS3-2645, LS3-2644)
As part of R10.1.0, PEXA will be creating a new option to create a linked simultaneous settlement without funds flow.
Members will be able to create a linked simultaneous settlement financial line item with a zero-dollar value when setting up their link. This feature will ensure that these Workspaces settle simultaneously (in an all-or-nothing manner) without the need to transfer funds between the settlements.
On the Destination Financial Line Item screen, there is a new check box next to the Amount field. When selected, it allows for a simultaneous settlement to be linked with zero-dollar funds flow.
On the Linked Financial Settlement tab, the ‘Link value’ will be set to ‘No funds flow required’:
(Referencing PEXA SETT-7655)
The email you receive that notifies you that you have a new conversation will now include the conversation message, which means you no longer need to log in to PEXA to read the conversation.
Details such as the sender, subject, and body of message are included in the email. However, due to security and privacy reasons, sensitive information such as bank account details are redacted from the email. To view the message details in full, log in to PEXA and open the conversation.
(Referencing PEXA UI-26)
This enhancement allows a Panel Member to select a Panel Master whom they represent from a drop-down menu upon accepting the Participation Request.
Please note that the Panel Master must be set up as a frequently represented party prior to accepting the Participation Request to allow for this functionality.
(Referencing PEXA NIK-2172)
Note: We’ll be updating the platform design with new fonts and colours. Our members will be progressively upgraded to this by 19 August, so look out for the new enhanced design. For more information, click here.
To provide a better experience for users, the Dashboard screens have been enhanced for accessibility. The improved look and feel have new fonts and colours, resulting in a cleaner user interface.
(Referencing PEXA UI-1)
In response to feedback received from our users, we’ve added additional information to the Title Activity Result Details screen so that the TAC response is more meaningful.
If a document categorised as ‘Other’ is returned from the Land Registry, this information is now displayed:
(Referencing PEXA LS4-3485)
Total Sales Price
As part of a requirement by the VIC State Revenue Office (SRO), the Total Sales Price field requirement in the Notice of Acquisition (NoA) has changed from optional to mandatory.
Where there is one property referenced in a NoA, the Total Sales Price is pre-populated based on the information provided in the Transfer form. This amount is non-editable.
Where there is more than one property referenced in a NoA, and the Total Sales Price includes a monetary value of more than $0, a sales price must be entered for each property.
Principal Place of Residence
To meet with SRO requirements, the following changes have been made to the Principal Place of Residence (PPR):
(Referencing PEXA LS4-3920, LS4-4083)
With the introduction of complex assessments in release 10.0.1, we’ve improved the visibility around Workspaces bound by complex assessment by adding a banner.
This banner appears on the Documents and Stamp Duty screens to all participants in a Workspace and directs you to a Community page where further information is available.
(Referencing PEXA LS3-2613)
As part of R10.1.0, we have worked closely with the SA Land Registry to extend the scope and capabilities of the Part Tenancy Transfer (SA), which was initially released in Release 10.0.0, to allow you to lodge more transaction types in PEXA.
The following table lists the full scope of the transaction types that may be lodged electronically in PEXA:
Tenancy on Title | Transferee Tenancy | Scenario |
---|---|---|
Sole Proprietor | Tenants in Common |
|
Joint Tenants |
|
|
Joint Tenants within a Tenancy in Common |
|
|
Tenants in Common | Sole Proprietor |
|
Tenants in Common |
|
|
Joint Tenants |
|
|
Joint Tenants within a Tenancy in Common |
|
|
Joint Tenants | Sole Proprietor |
|
Tenants in Common |
|
|
Joint Tenants |
|
|
Joint Tenants within a Tenancy in Common |
|
|
Joint Tenants within a Tenancy in Common | Sole Proprietor |
|
Joint Tenants within a Tenancy in Common |
|
*: ‘all off’ indicates where all Proprietors on Title are relinquishing their Shares in full, as Transferors in the Part Tenancy Transfer.
Members will be able to lodge an electronic Part Tenancy Transfer if their Transfer transaction type is listed above.
If the type of Part Tenancy Transfer is not listed above, then it cannot be lodged as a Part Tenancy Transfer through PEXA.
The full scope of transaction types that are not allowed to be lodge as an electronic Part Tenancy Transfer, is as per the following:
Tenancy on Title | Transferee tenancy | Scenario |
---|---|---|
Any | Any |
|
|
||
Tenants in Common | Tenants in Common |
Where a Proprietor on Title is not a Transferor but selected as a Transferee with reduced shares. **
Tenancy on Title: A (1/3 Share) B (1/3 Share) C (1/3 Share)
New Incoming Proprietor - D
Transferor = A (2/6 Share) Transferee = C (1/6 Share), D (3/6 Share)
Transferee Tenancy: B (2/6 Share) C (1/6 Share) D (3/6 Share) |
Joint Tenants | Tenants in Common |
The relinquishing Joint Tenants is Transferring their entire interests to the remaining Joint Tenant in the Transferee Tenancy of ‘Tenants in Common’.
Tenancy on Title: A, B, C
Transferor = A, B Transferee = C (1/2 Share)
Transferee Tenancy: C (1/2 Share) C (1/2 Share)
This is a Scenario that is not supported to be lodged physically with Land Services SA. |
Joint Tenants within a Tenancy in Common | Joint Tenants within a Tenancy in Common |
The Joint Tenant remaining on Title is in two separate tenant groups.
Tenancy on Title: A & B (jointly hold 1/2 Share) C & D (jointly hold 1/2 Share)
Transferor = A (1/4 Share) Transferee = B (1/4 Share)
= B (1/4 Share)
Transferee Tenancy: B (1/4 Share) B (1/4 Share) C and D (jointly hold 2/4 Share)
This is a Scenario that is not supported to be lodged physically with Land Services SA. |
Joint Tenants OR Joint Tenants within a Tenancy in Common |
Any |
A non-transacting Joint Tenant (also known as ‘Italicized’) is selected as a Transferee in the Part Tenancy Transfer.
Tenancy on Title: A & B (jointly hold 1/2 Share) C (1/2 Share)
Transferor = C (1/2 Share) Transferee = A (1/2 Share)
Transferee Tenancy: A (1/2 Share) A and B (jointly hold 1/2 Share)
Please Note: This is not currently supported and is expected to be enabled by the end of August. |
**: Please note: that you could still lodge this as a Normal Transfer, where you re-create Parties staying on Title as Incoming Proprietors.
***: Italicised text above represent non-transacting parties or residual shares for Proprietors staying on title.
For additional information on the SA Part Tenancy Transfer, please refer to the Part Tenancy Transfer guide here.
(Referencing PEXA LS2-7742, LS2-7458)
It's been approximately one year since we launched the integration of WalkMe into PEXA Exchange. Since then, we've developed a number of Walk Thrus to help guide you through completing a transaction. Please note that our Walk Thrus are designed to guide you through the most common scenarios. If your transaction is a little more complex, please refer to our Community articles.
Here's what's new in recent releases:
For a full list of all our Walk Thrus, check out our Community page.
(Referencing PEXA WM)
An additional 90 Residual Documents will be available under the Victorian Other Documents section of PEXA from Monday 22nd of July. This brings the total number of Residual Documents available in Victoria to 108.
Please see below for the additional instruments:
(Referencing PEXA LS1&3)
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