PEXA is pleased to present PEXA Maintenance Release 13.1.1, scheduled for business go live 15 March 2021.
Key Highlights
- Ability for Mortgagee on Title to assign surplus handling responsibility (ESS Workspaces only)
- New setting to indicate if transaction is a Sale or Purchase (ALL)
- Adjustments and Payments as the default view (ALL)
- Source line items are now grouped as Vendor or Purchaser line items (ALL)
Other Highlights
- Ability to invite client to PEXA Key when creating source line item (ALL)
- Added new destinations payment category – Land Tax (QLD)
- Ability to add a Trust Name to a Frequently Represented Party (QLD)
- Additional Consideration Types in a Transfer (QLD)
- Show participant's role on Party screen (ALL) (Added 4 March2021)
- SA Residual Documents (SA)
- Updates to Residual Documents (VIC) (Added 1 March 2021)
- New reminder to check the lodgement order (ALL) (Added 4 March 2021)
- Bugfix: Road Number on Land Title screen is not mandatory (ALL, except QLD)
- Ability for Mortgagee on Title to assign surplus handling responsibility (ESS Workspaces only)
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If you’re a Financial Institution or panel solicitor (in the role of the Mortgagee on Title only) with the Enhanced Settlement Summary (ESS) enabled, you now have the ability to specify if you are handling surplus or not.
By indicating this in the Subscriber settings, it helps communicate to other Workspace Participants if you handle vendor surplus.
Learn more about the ESS.
(Referencing PEXA AXL-1549)
- New setting to indicate if transaction is a Sale or Purchase (ALL)
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We recognise that the Enhanced Settlement Summary (ESS) isn’t applicable for all PEXA transactions (like those with transfers between related parties, family law transactions, estate transfer, transmission to beneficiary or part tenancy transfers). That’s why we’ve added an option that lets you indicate whether or not the transaction is a sale or purchase.
By default, members with the Enhanced Settlement Summary (ESS) enabled will have their Workspaces set to Yes. This means the ESS calculations are enabled. See link below for details.
If your transaction does not require the calculations in the ESS then go to Workspace Settings > Transaction Settings, then select No to “Is this transaction a sale or purchase”. The ESS will revert back to where the Incoming Proprietor has to manually calculate and enter the Total Funds Required to Settle (TFRS) amount into the Workspace.
Learn more about the ESS.
(Referencing PEXA AXL-2232)
- Adjustments and Payments as the default view (ALL)
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From this release, Practitioners will notice that the Adjustments and Payments tab is now the default view on the Financial Settlement Summary screen. We’ve also taken on your feedback and moved the most important information to the top, so that’s less scrolling for you.
If the Adjustments and Payments view is not for you, let your Subscriber Manager know and they can switch you back to the Destinations view.
Learn more about Adjustments and Payments.
(Referencing PEXA AXL-2278)
- Source line items are grouped as vendor or purchaser line items (ALL)
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Note: This feature will be available post-release, with the intended go-live date of 23 March 2021.
Source financial line items on the Sources tab are now grouped as Vendor Source Line items or Purchaser Source Line items. This makes it clear and efficient for members to see which source line items belong to which parties. When adding a new source line item, the item is automatically assigned to the relevant group based on your Workspace role; members of any roles can move some of the source line items (depends on line item category) between either group as required.
Learn more about Source funds.
(Referencing PEXA AXL-2232)
- Ability to invite client to PEXA Key when creating source line item (ALL)
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We've streamlined the experience for our members by allowing Incoming Proprietors to invite their clients to PEXA Key by selecting Source Account > PEXA Account when creating a source line item.
Note: The invitation is available only if A PEXA Key invitation has not been previously sent, and if there are multiple clients in the same Workspace, then you only need to invite one client.
Learn more about Source funds.
(Referencing PEXA FS-8135)
- Added new destinations payment category – Land Tax (QLD)
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We are introducing a new destination line item category for payments made to the Queensland OSR. PEXA members will be able to select the category “QLD Land Tax” in the role of Incoming Proprietor, which means that the category of ‘Other (BPAY)’ is no longer required for this purpose, improving visibility across Incoming Proprietor and Proprietor on Title roles.
Learn more about Destination funds.
(Referencing PEXA SETT-10997)
- Ability to add a Trust Name to a Frequently Represented Party (QLD)
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Proprietors on Title who are set up as a Frequently Represented Party (FRP) can now be added as a trustee. Their trust name will be shown as the ‘party capacity’ across documents in PEXA Exchange and PEXA Projects.
Remember: FRP representation occurs when the Workspace is created, not when creating or editing a frequently represented party.
Learn how to set up Frequently Represented Parties.
(Referencing PEXA LCH-1183)
- Additional Consideration Types in a Transfer (QLD)
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Working with the QLD Land Registry and QLD OSR to assist members with self-assessable dutiable transactions, PEXA has extended the Consideration Types options in a Transfer document. The full list of consideration types are listed below (bold indicates the new options):
- Agreement under the part VIIIAB Family Law Act
- Assumption of Liability under Mortgage
- Death and Appointment of a Trustee
- Desire to change tenancy
- Discharge and Appointment of a Trustee
- Financial Agreement under the part VIIIA of the Family Law Act 1975
- Gift
- Monetary consideration
- Natural Love and affection
- Pursuant to a Clause in the Trust Deed
- Pursuant to a Family Law Act order
- Pursuant to the Rules of Intestacy
- Pursuant to the Terms of a Will
- Retirement and Appointment of a Trustee
- Severance of Joint Tenancy Pursuant to s59 of Land Title Act*
Note: * The ‘Severance of Joint Tenancy Pursuant to s59 of Land Title Act’ Consideration Type will only apply for Part Tenancy Transfers (Transfer of Share), which will be introduced in a future PEXA Release.
To view these Consideration Type options in the Transfer, click Consideration Type.
Learn more about Transfers.
(Referencing PEXA LS2-13208)
- Show participant's role on Party screen
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You’ll now be able to see which role each Workspace participant is in before they’ve represented a party. This will give you better visibility of who is doing what in your Workspaces.
(Referencing PEXA LS4-7655)
- SA Residual Documents (SA)
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PEXA will release the third batch of Residual Documents for SA.
More information on final listing TBC.
Learn more about Residual documents.
(Referencing PEXA LS1-7572)
- Updates to Residual Documents (VIC)
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We’ve aligned the "Replace Lost or Destroyed Certificate of Title" instrument with the Land VIC Guide to Residual Documents to allow for entry of optional additional information.
(Referencing PEXA FS-8560)
- New reminder to check the lodgement order
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When editing the lodgement instructions where there is a residual document (in conjunction with other documents), you’ll notice a new notification banner reminding you to check the lodgement order. Ensuring that documents are lodged in the correct sequence minimises lodgement errors.
(Referencing PEXA)
- Bugfix: Road Number on Land Title screen is not mandatory (ALL, except QLD)
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When entering an address on the Land Title screen, if you’ve entered a Unit Number or Lot Number then the Road Number field is no longer mandatory.
(Referencing PEXA FS-8560)
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