PEXA is pleased to present the next release of the PEXA System, Release 7.0, scheduled for business go live Monday 6 November. In this release, PEXA introduces the following enhancements:
Only the Responsible Subscriber is now required to sign Lodgement Instructions
PEXA has reduced the amount of signing and resigning by implementing a new lodgement instructions rule. This new rule ensures that only the subscriber who is responsible for the Workspace, as noted as Responsible Subscriber in the Lodgement Instructions, will be required to sign the Lodgement Instructions.
Efficient Signing: View all Workspaces that documents/FSS ready for signing. Allow you to sign and navigate to the next workspace that is ready for signing
We have introduced a new Ready to Sign Dashboard. This Dashboard displays all Workspaces that have either documents or FSS to sign, or both. You can select the Workspaces you wish to sign (or select all Workspaces on the page) and click on the ‘Sign Selected’ button to begin signing.
Files can now be attached to a National Mortgage (NSW & SA)
In NSW and SA additional terms and conditions can now be uploaded in PDF format to the Files screen and attached to a National Mortgage.
New document in Victoria – Standalone Survivorship Application (VIC)
PEXA now supports a standalone Survivorship Application in Victoria. In this release, the following scenarios are supported:
New Document in South Australia – Encumbrance and Discharge of Encumbrance (SA)
PEXA introduces the ability to lodge an Encumbrance and Discharge an Encumbrance in SA. Following this release, you will see the new roles of Encumbrancee on Title and Incoming Encumbrancee when creating a new Workspace in PEXA. This functionality also supports the uploading and attaching of supporting Covenants via the Files screen.
New South Wales (NSW)
Full details of all enhancements can be read below.
PEXA has reduced the amount of signing and resigning by implementing a new lodgement instructions rule. This new rule ensures that only the subscriber who is responsible for the workspace, as noted as Responsible Subscriber in the Lodgement Instructions, will be required to sign the Lodgement Instructions.
Dealing Requirements in VIC: The only exception to the above rules is where a dealing requirement is added in Victoria. In this case, all participants in the Workspace will be required to sign the Lodgement Instructions as they do today.
PEXA now supports a standalone Survivorship Application in Victoria. If a joint tenant on a property title passes away, then the surviving proprietor should make an application to the Land Registry to have the deceased’s name removed, so that only the surviving proprietor’s name is on title.
For information on how to do this, please refer to the help article Standalone Survivorship Application.
Note: For Release 7.0 the following scenarios are supported:
In February 2018 (Release 7.1), Survivorship with a Transfer document in the same workspace will be supported. During the interim period, please complete a standalone survivorship workspace in advance of a transfer workspace.
Should you inadvertently create a transfer workspace that requires a Survivorship, create an additional workspace and lodge the Survivorship, and the request Land information resupply after successful registration of the Survivorship.
PEXA introduces the ability to lodge an Encumbrance and Discharge an Encumbrance in SA.
An encumbrance can be registered on a title as a restriction regarding the use of the land. It is an agreement creating various obligations on the parties, restricting or forbidding certain acts on the property.
When purchasing a property in a recently developed area, an encumbrance in favour of the developer often appears against the title of the property. Many encumbrances aim to maintain uniformity within the development and are applicable to each and every property in the area. Encumbrances can be seen as a benefit, as they help maintain consistency with certain types of developments.
Other encumbrances can be ‘lifted and replaced’. As the terms specify, they do not run with the title. The existing encumbrance is discharged as part of settlement (i.e., lifted) and a new encumbrance in the purchaser’s name in similar terms is registered at settlement (i.e., replaced).
Following the R7 release, you will see the new roles of Encumbrancee on Title and Incoming Encumbrancee when creating a new workspace in PEXA. This functionality also supports the uploading and attaching of supporting Covenants via the Files screen.
This Dashboard includes a Lodgement Type column which classifies workspaces as having documents that can be lodged ‘Prior to Settlement’ (i.e. Priority Notices, Nominations etc.), at ‘Settlement’ or ‘Standalone’.
You can also select how many records you want displayed on the ‘Ready to Sign’ dashboard (i.e. 5, 10, 15, 20 or 25 workspaces can be displayed).
You can select the Workspaces you wish to sign (or select all workspaces on the page) and click on the ‘Sign Selected’ button to begin signing.
Additional screenshots below:
When you click on the Sign Selected button, you will be taken to the signing screen of the first selected workspace. From there you can:
The ‘Ready to Sign’ Dashboard is the first screen in PEXA where filters are retained if you navigate away from the screen. This means that if you set a filter and navigate away from the screen, the filters will still be in place when you return to the screen. You can select Clear Filters to remove the filter and show all workspaces that are ready for signing.
A red triangle in the corner of the column header identifies if there is a filter on.
For example: If a Retail arm of a bank invites the Business/Commercial arm (who are masked from Subscriber searches) to join a workspace to provide source funds for a residential/commercial transaction.
Previously, Workspaces have been automatically assigned to a workgroup based on the Workspaces criteria and the user could change the workgroup via the workspace settings if required.
As shown below on the Workspace invitation screen, you can now select the relevant workgroup upon accepting the invitation.
Members in the role of the Incoming Mortgagee will be able to view the rendered Transfer document once it has a document status of Prepared.
This will allow the Mortgagee to view the consideration and ownership percentage that the solicitor included in the Transfer document. This will assist them in verifying that these details match that of the loan agreement.
Members in the role Mortgagee on Title, Incoming Mortgagee, Consentor, CT Controller and Source Funder will have the ability to change the Commercial transaction flag if they mark the workspace incorrectly when creating/joining a Workspace.
You can change this flag from the Workspace Settings. When the flag is changed the Category column of the ‘Your Dashboard’ is updated to either Retail or Commercial.
Please note that implementation of the Secondary Lodgement Verification functionality may be delayed and PEXA will advise once this functionality becomes available.
To mitigate issues when a Land Registry is unavailable and a final signature is applied on the day of settlement, PEXA will now perform a Secondary Lodgement Verification on each Document in the Lodgement Case.
PEXA currently requires a successful Lodgement Verification to be performed against each Document in the Lodgement Case in order to progress the Lodgement Case Status to ‘Ready’. When there is an unexpected outage with the land titles office, PEXA is currently unable to progress any Lodgement Case Statuses to ‘Ready’ as a successful Lodgement Verification Result has not been received, resulting in documents remaining in ‘Verifying’ status:
Any outages with the Land Registry when final signatures are applied to documents on the day of financial settlement will stop these Workspaces from reaching ‘Ready’ status until such time that the Land Registry’s systems are available once again.
To mitigate issues when a Land Registry is unavailable and a final signature is applied on the day of settlement, PEXA will now perform a Secondary Lodgement Verification on each Document in the Lodgement Case. Once PEXA determines that communications could not be established with the Land Titles Office, the new feature will allow a Lodgement Case to progress to ‘Ready’ where:
When the Financial Settlement Schedule also reaches ‘Ready’ status, then the Workspace’s status will be ‘Ready/Ready’ and settlement will initiate once the Workspace reaches its scheduled Settlement Date and Time. If the Land Registry’s systems are still unavailable at the time of Lodgement, PEXA will invoke Lodgement Override and proceed with settlement. Lodgement will continually be re-attempted until such time that the Land Registry’s systems are available once again.
Where the Secondary Lodgement Verification has been successful, the Document Status will be updated to ‘Signed - Secondary Lodgement Verification’:
When a document is expanded, an informational message is also provided to indicate that a Secondary Lodgement Verification has been performed:
Other items to note:
This will remove the need to either issue the CT to paper and maili it to the Panel Master, or issuing CT Control to the Panel Solicitor and then transferring that control to the Panel Master in a separate Workspace.
In a Victorian workspace, you can add a new Land Title by either using the Title Reference or the Lot/ Plan details. You can now enter structured Plan details when workspaces are created on a Parent Title.
Using the lot on plan details, you can now trigger a land title verification with the Land Registry through PEXA. The functionality allows workspace participants to add a title on the workspace using Lot on Plan details.
In Victoria, you can now display interest in land details (Leases and Sub-Leases) on the Land Titles screen. To inform you on all interests on the title, please refer to the new Other Interests section on the Land titles screen.
PEXA now supports titles held in capacity to be transacted (Transfer, Mortgage and Caveats) in QLD. Previously, only Discharges were supported.
The following capacities will now be returned in RIS and displayed in the Land Titles and Participant screens:
Where the Party Capacity is Trustee, the Trust Name will also be supplied to the QLD OSR as part of the Stamp Duty Verification process.
Please note: This feature was added to the Release Notes 10th Nov 2017
PEXA will now automatically generate a conversation when a Subscriber adds or changes a settlement date or time in a Workspace. This helps provide greater visibility to all Workspace participants of changes to the settlement date and time.
Quickly see the changes to the Settlement date and time and the reason directly from either the Unread Conversations screen or within your Workspace from the Conversations screen. The conversation includes the details of the date change and the reason for the change and is sent to all participants in the Workspace.
You must be a registered user to add a comment here. If you've already registered, please log in. If you haven't registered yet, please register and log in.