PEXA is pleased to present the next release of the PEXA System, Release 8.0, scheduled for business go live 21 May 2018.
To prepare for these upgrades, the PEXA platform will be offline:
- UPDATE: 1pm - midnight on Saturday 19 May 2018 (AEST)
Key Highlights
- Settlement notification (order on the agent) (Updated 10 May 2018)
- Document error guidance
- Displaying additional details on the transfer screen
Additional Enhancements
National
- Settlement notification (order on the agent) (Updated 10 May 2018)
- Document guidance errors
- Ability to pay Stewart Title premiums as part of the property settlement
- Improved the visibility of GST payments made to the ATO (Updated 10 May 2018)
- Added Help text to Workspace Checklist
- Tracking of checkbox selections in the Workspace Checklist
- Additional information added to the Settlement by settlement date report
- Additional information added to the Document Summary for a Transfer
- Automatic justifications of reserved names
- Downloadable Statement of Adjustments – Role based visibility of destination line items (Added10 May 2018)
NSW
- Justify the Mortgagor's name using the National Mortgage
- Ability to deal with manual or complex RO assessments
- New document: Part Tenancy Transfer (Unrepresented Party) (Updated 8 June 2018)
QLD
- Files can now be attached to a National Mortgage
- Ability for Transferees to provide Trust Details (Updated 10 May 2018)
SA
- Transfer where Transferee is a Trustee (SA) (Updated 10 May 2018)
- Transmissions (SA)
VIC
- Transfer of Interest — Mortgage or Annuity Charge (Updated 1 May 2018)
- New document: Transfer by Third Party (Mortgagee) (Updated 10 May 2018)
- Transact on Proprietors with Party Capacity of Minor Title
- Create a restrictive covenant in a Transfer
- Settlement notificatioN (ORDER ON THE AGENT)
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We are enhancing the existing Real Estate Agent notification functionality to give Incoming Proprietor reps and Proprietor on Title reps more control over the notification.
From this release, the newly renamed Settlement Notification functionality allows you to:
- Define multiple notifications to be sent upon successful settlement of your Workspace
- Specify multiple recipients per notification
- Select from several predefined notification templates
- Fully customise the notification text
The header and footer information is sourced from the Workspace and your subscriber profile. However, you can change any and all of this information directly in the text area as you see fit.
Upon successful settlement of your Workspace, PEXA will send the notification emails you have defined. You will be cc’d in the emails to assist you with filing.
(Referencing PEXA AXL-421)
- Document error guidance
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For select document errors, PEXA will provide guidance to assist you in resolving the error and progressing your transaction.
We’ve also suppressed warning messages that didn’t require any action from you:
- Suppress "Duty Assessment ID" warning in Victoria
You will no longer encounter the warning “Instrument 1 (TRANSFER) does not have an accompanying Duty Assessment ID” after signing your transfer document. This warning did not require any action from you, so we’ve hidden it.
- Suppress "Signing Incomplete" warning in NSW
You will no longer encounter the warnings “Signing incomplete” prior to signing your documents. We already have tasks to prompt you to sign your documents. Also, these warnings were being shown even before you had a chance to sign your documents, so we’ve hidden them.
(Referencing PEXA AXL-770, AXL-880, AXL-873)
- Suppress "Duty Assessment ID" warning in Victoria
- Ability to pay Stewart Title premiums as part of the property settlement
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PEXA has made it easier for Incoming Proprietors to pay Stewart Title premiums as part of the property settlement.
A new category of Stewart Title has been added to the Destination Financial Line Item. When selected, the following account details are pre-populated:
- Account Name: Stewart Title
- BSB
- Account number
This saves time from manual data entry and reduces the potential of entering the wrong account details.
(Referencing PEXA SETT-4103)
- Improved the visibility of GST payments made to the ATO
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A new FSS category of ATO GST Withholding has been added to the Destination Financial Line Item. This category is available to Incoming Proprietor and Proprietors on Title.
This improves the visibility of Destination payments to the ATO so that you are clear on when GST payments are made to the ATO.
When this Financial Line Item is created, an associated subscriber will be required to ensure that both the Incoming Proprietor and Proprietor on Title sign off on against the amount and payment reference number.
(Referencing PEXA SETT-4068)
- Added Help text to Workspace checklist
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To assist Practitioners in understanding tasks within the Workspace and reduce Conversations related to Checklist items, dynamic Help text has been added to the Workspace Checklist. The Help text guides users on when and who should select the checkboxes.
To view the Help text, click the Information icon.
(Referencing PEXA FS-305)
- Tracking of checkbox selections in the Workspace Checklist
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The Workspace History screen has been updated so that it records when a checkbox on the Workspace Checklist item has been selected or deselected. This helps keep track of checkbox activities such as who selected which item and when.
(Referencing PEXA FS-448)
- Additional information added to the Settlement by settlement date report
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To assist with the allocation and management of Workspace, the Settlement by Settlement date report has been updated to include the following information:
- Transaction type
- Category
- Jurisdiction
This information lets you easily distinguish Workspaces, so you can allocate them to the correct teams.
(Referencing PEXA FS-1204)
- Additional information added to the Document Summary for a Transfer
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To assist Incoming Mortgagees in preparing their mortgage document, additional Transfer information is displayed on the Document Summary view.
The additional information includes:
- Tenancy Type
- Consideration Type
- Consideration Amount (only available if it's monetary)
(Referencing PEXA FS-2542)
- Automatic justifications of reserved names
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It's now easy for you to justify reserved names by setting up auto justification.
If you’re a Financial Institution (FI) or Principal non-FI, and you have a wide spread of names and abbreviations on title, you can set up automatic justifications (by jurisdiction) against your reserved names. This pre-populates the party record with the justification based on the name on title, saving you the time and effort of entering this data manually.
This removes manual steps in PEXA and several clicks on a Workspace for many subscribers.
(Referencing PEXA FS-2610)
- Downloadable Statement of Adjustments – Role based visibility of destination line items
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When generating the Statement of Adjustments PDF in the role of Proprietor on Title, the purchaser’s destination line items will not be displayed. This will reduce the current confusion experienced by vendors when they see purchaser’s line items on their statements.
The purchaser’s destination line items will still be displayed when generating the statement in the role of Incoming Proprietor.
We’ve also fixed the following defects within the downloadable statement:
- Banks’ destination line items not appearing
- Purchase Price amount not always appearing
- Deposit Paid amount not always appearing
(Referencing PEXA AXL-902)
- Transfer where Transferee is a Trustee (SA)
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PEXA now supports a transfer in SA where a Transferee is a Trustee. This includes the ability to record a group of Trustees with a tenancy type of Joint Tenants With No Survivorship, if required.
In Transfers where the Transferee is a Trustee, a new Consideration Detail field on the Transfer screen is available. Use this field to record details related to the Trust, such as the name of the Trust on the transfer. Another new option lets you specify whether there are proprietor groups in the document who are tenants "with no survivorship". By selecting Yes, it indicates that the Proprietor Group holds the land as Trustee of a Trust. Specifying the Minimum Trustee Threshold is optional and refers to the minimum number of Proprietors that can be recorded on Title for that group. If there is a minimum number of trustees required on the Title, enter it here.
(Referencing PEXA LS2-1816)
- Transmission (SA)
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PEXA now supports the electronic lodgement of a Transmission Application in South Australia.
In this release, the Incoming Proprietor is required to enter the Details of Death, Evidence Details, and attach supporting evidence.
The Joint Tenants with no Survivorship information displays on the Land Titles screen:
(Referencing PEXA LS1-1763)
- Files can now be attached to a National Mortgage (QLD)
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In QLD, additional Terms and Conditions can now be uploaded to PEXA and attached to a QLD Mortgage.
Note: This feature is already available for Mortgages in NSW and SA.
(Referencing PEXA LS1-789)
- Ability for Transferees to provide Trust Details (QLD)
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The QLD Transfer has been updated to capture Trust Details of a Transferee proprietor group that is to hold the Title in a capacity of Trustee.
On the Tenancy Details screen, a new option Are any proprietor groups in this document acting as Trustee? is available.
Changing the default from NO to YES, indicates that at least one Transferee is to hold the Title in the capacity of Trustee.
* Note: This feature will be activated in Release 8.0.1 (9 June 2018).
(Referencing PEXA ME-2281)
- Justify a Mortgagors name using the National Mortgage (NSW)
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In mortgages where the Mortgagor's name differs from the name recorded on Title, you can now use a National Mortgage to justify the discrepancy (NSW).
Use the justification functionality on the Party screen to provide the current name and the reason for the name change. Under Has this Party previously held land in any Other name(s), select Yes.
Justification Details are presented in the National Mortgage.
Note: A Notice of Sale is required to be completed by the Incoming Mortgagee and will need to be lodged in support with the National Mortgage.
(Referencing PEXA LS2-1815)
- Ability to deal with manual or complex RO Assessments (NSW)
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The NSW Office of State Revenue have enhanced their system to allow complex duty assessments to be transacted in PEXA.
(Referencing PEXA ME-2279)
- New document: Part Tenancy Transfer (Unrepresented Party) (NSW)
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PEXA now supports the ability to process a Part Tenancy Transfer for properties with Tenant in Common ownership where only the transacting Proprietor and the Incoming Proprietor participate in the Workspace.
A new Tenancy Details section on the Transfer screen lets you specify whether the transfer is of Part Tenancy. By default, this is set to No.
Note: The Member representing the Proprietor on Title only needs to represent their client who is transacting.
(Referencing PEXA SL3-438)
- Transfer of Interest – Mortgage or Annuity Charge (VIC)
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PEXA has added more support around Transfers in Victoria. Transfer of Interest can now be assigned to an Interest Type of Mortgage or Annuity Charge. A Transfer of Interest allows an Interest such as a Mortgage or Annuity to be transferred from one Interest Holder to another.
A new role is added to let VIC Subscribers deal with Annuity Charge. When creating a new VIC Workspace in PEXA, select To deal with an interest under Representative Role. Multiple interests can be transferred in one Transfer transaction.
Note: A Transfer of Interest (where the interest type is a Mortgage or Annuity Charge) does not require a supporting Notice of Acquisition nor Duty Assessment.
* Note: This feature will be activated in Release 8.0.1 (9 June 2018).
(Referencing PEXA LS2-1818)
- New document: Transfer by Third Party (Mortgagee) (VIC)
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New to this release is the ability for VIC subscribers to lodge a Transfer by Third Party transaction in PEXA.
A Transfer by Third Party (also known as Transfer by Mortgagee) document lets a Mortgagee of a Mortgage or an Interest Holder of an Annuity Charge become the Transferor in a Transfer.
When creating a new VIC Workspace in PEXA, a new role – To deal with an interest – is available under Representative Role. This role allows VIC subscribers to deal with Annuity Charge interests.
Note: A Transfer by Third Party requires a supporting Notice of Acquisition and Duty Assessment.
* Note: This feature will be activated in Release 8.0.1 (9 June 2018).
(Referencing PEXA LS2-1817)
- Transact on Proprietors with Party Capacity of Minor Title (VIC)
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Minors (those under the age of 18) in Victoria who hold Titles as Proprietors can now be transacted up on PEXA. A new option – Minor – has been added on the Party screen under Party Capacity to be recorded on Title.
The Participant List screen also displays the Party Capacity:
(Referencing PEXA ME-2280)
- Create a restrictive covenant in a Transfer (VIC)
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The ability to create a Restrictive Covenant from within PEXA is now available for Victorian Transfers.
A new Restrictive Covenant Details section has been added to the existing Transfer. By default, the Transfer does not create a Restrictive Covenant. If you wish to create a Restrictive Covenant from the Transfer, select the Yes radio button and then complete the Benefited Land and Covenants details contained in sections.
(Referencing PEXA LS3-502)
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