PEXA is pleased to present the next release of the PEXA System, Release 7.0, scheduled for business go live Monday 6 November.
To prepare for these upgrades, the PEXA platform will be offline:
- UPDATED: 10am - midnight on Saturday 4 November 2017 (AEDT)
In this release, PEXA introduces the following enhancements:
Key Highlights
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:
- Standalone Survivorship
- Survivorship with Discharge
- Survivorship with Caveat
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.
Additional Enhancements
National
- Accepting and Changing Settlement Date and Time
- Ability to invite a Subscriber to join a Workspace if they have the same ABN as the Subscriber sending the invitation (i.e. a Retail branch of a bank can invite a ‘masked’ Commercial branch of the same bank)
- Manually assign a Workspace to a workgroup on accepting an invitation to join a workspace
- Select filters on the ‘Ready to Sign’ Dashboard and retain these filters until they are cleared
- Incoming Mortgagees can now view a rendered Transfer
- Edit the commercial transaction flag
- Allocate a Workspace to a workgroup based on the commercial flag
- Secondary Lodgement Verification
Please note that implementation of the Secondary Lodgement Verification functionality may be delayed and PEXA will advise once this functionality becomes available.
- Allocate a Workspace to a workgroup based on the transaction type (transfer/non-transfer) (added 9 Oct)
- View the transaction Type (Transfer/Non-Transfer) on receiving an invitation to join a workspace (added 9 Oct)
Victoria (VIC)
- No Nomination required when Transacting Party is CT Controller (VIC)
- Change to Issuing Instructions - Represented Party (VIC)
- Ability to perform Title verification using Lot on Plan in Victoria (VIC)
- Ability to receive interest in land from Vic Land Registry (VIC)
- Removal of restrictions on ability of sole traders to represent themselves (VIC)
New South Wales (NSW)
- NSW Certificates of Title – Transition to Electronic, CT Direction no longer required for NSW
- Enable NSW Titles, currently out of scope for transactions, to still be consented to in PEXA (NSW)
Queensland (QLD)
- Ability to transact on titles held in a Capacity in QLD
Full details of all enhancements can be read below.
- Only the responsible subscriber is REQUIRED to sign lodgement instructions
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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.
Benefits:
- Only the Responsible Subscriber will be required to sign
- Only the Responsible Subscriber will be required to resign when Lodgement Instructions are unsigned due to actions from other Subscribers in the Workspace
Changes:
- A reduced signature count is now displayed next to the Lodgement Instructions
- Only the Responsible subscriber will be presented with the Lodgement Instructions to sign in the signing screen
- Don’t forget even if you create the first document and are defaulted to Responsible Subscriber, it is easy to push or pull the role to other Subscribers within 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.
- files can now be attached to a national mortgage in nsw and sa
- In NSW and SA additional terms and conditions can now be upload in PDF format to the Files screen and then attached to a National Mortgage.
The National Mortgage document supports free text terms and conditions up to 4000 characters and PDF file attachments for more detailed or bespoke terms and conditions. For instructions on how to do this please see the help article Attach a PDF file to National Mortgage in NSW and SA.
- new document : standalone Survivorship application (VIC only)
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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:
- Standalone Survivorship
- Survivorship with Discharge
- Survivorship with Caveat
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.
- new document : Encumbrance and discharge of encumbrance (sa)
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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.
For information on how to do this, please refer to the help article Encumbrance and Discharge of Encumbrance.
- efficient signing : view all workspace documents/fss in a new dashboard that are 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.
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.
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:
- View additional identifying information (shown at the top of the below screen grab)
- View how many workpsaces you have to sign and how many have been signed
- View the rendered transfer
- Click the ‘Sign and Next’ button which will sign the You will them be directed to the next workspace that was selected from the Dashboard.
- ‘Skip’ signing of a workspace and navigate to the next Workspace that was selected from the Dashboard.
- efficient signing : select filters on the "Ready to sign" dashboard and retain these filters until t...
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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.
- accepting and changing settlement date and time
- It is now easier for you to accept the settlement date and time, and change the settlement date and time. We have exposed the buttons for these two actions in the Financial Settlement screen.
- Ability to invite a subscriber to join a workspace if they have the same abn as the subscriber sendi...
- We have introduced the ability for a Financial Institution to invite a ‘masked’ Subscriber (i.e. a Subscriber that can’t be located via the Subscriber search) to join a workspace if they have the same ABN.
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.
- manually assign a workspace to a workgroup on accepting an invitation to join a workspace
- We have introduced the ability to assign a workspace to a workgroup at the point of accepting an invitation to join the workspace.
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.
- incoming mortgagees can now view a rendered transfer
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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.
- edit the commercial transaction flag
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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.
- allocate a workspace to a workgroup based on the commercial flag
- Members in the role of the Incoming Mortgagee, Mortgagee on Title, Consentor and CT Controller will have the ability to include the commercial transaction flag as part of the criteria for assigning workspaces to workgroups. This means that when creating or joining a workspace that is flagged as commercial (or not) the workspace will automatically be assigned to the workgroup as defined by the workgroup rules.
- secondary lodgement verification
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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:
- The latest Lodgement Verification Result is successful for each Document in the Lodgement Case, and
- No Document data has changed since that last Lodgement Verification was performed.
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:
- Where a successful Lodgement Verification Result is returned from the Land Registry after the Secondary Lodgement Verification has been performed, PEXA will update the Documents in the Lodgement Case accordingly with the result from the Land Registry.
- To ensure all Lodgement Cases have the latest successful Lodgement Verification Result captured, PEXA will run a Lodgement Verification the evening prior to the workspace’s scheduled settlement date where document data has changed. Lodgement Verification will only be performed on Lodgement Cases in ‘Prepared’ status only.
- allocate a workspace to a workgroup based on the transaction type (transfer / non-transfer)
- You now have the ability to include the Transaction type (transfer/non-transfer) flag as part of the criteria for assigning workspaces to workgroups. This means that when creating or joining a workspace that is flagged as having a transfer, the workspace is automatically assigned to a workgroup as defined by the workgroup rules.
- view the transaction type (Transfer/non transfer) on receiving an invitation to join a workspace
- You can now view if an invitation you receive includes a Transfer or not. This will assist you in determining the nature of the transaction before responding to the invitation.
- no nomination required when transacting party is ct controller (vic)
- From this release, Land Victoria will no longer require a Nomination if the CT Controller is a participant dealing in any of the documents in the lodgement case. This change should result in great time savings for all members operating in Victoria. This will benefit members who usually prepare Nominations, as well as reduce the disruption caused to other members by Nominations being lodged on the day of settlement.
For example:
- Where a Mortgagee on Title creates a Discharge document, assuming they are the CT Controller, they will no longer be required to also provide a Nomination. This will apply to standalone Discharges, Refinances and Transfers.
- Where a Panel Solicitor represents a Panel Master in a Workspace in the role of Mortgagee on Title (or any other role), and assuming the Panel Master has transferred CT Control to their Panel Solicitor, then the Panel Solicitor will no longer be required to provide a nomination.
- Where a Conveyancer or Solicitor represents an owner of an unencumbered property, assuming the Conveyancer or Solicitor is the CT Controller, they will no longer be required to also provide a nomination.
This feature is not automatic. To use this feature, please confirm current CT Controller via the Land titles screen for the titles in the workspace.
- change to issuing instructions - represented party (vic)
- A change to the Issuing instructions, in your Lodgement instructions document, will allow represented parties to be given CT Control, assuming these parties are PEXA Subscribers.
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.
For example:
- Where a Panel Solicitor represents a Panel Master in a Mortgage transaction, the Panel Solicitor will be able to issue CT Control to the Panel Master at the end of the transaction by selecting the Panel Master in the "CT Issued to" field in the Lodgement Instructions.
- ability to perform title verification using lot on plan in victoria (vic)
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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.
- ability to receive interest in land from Vic land registry (vic)
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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.
- removal of restrictions on ability of sole traders to represent themselves (vic)
- Land Use Victoria have updated their verification rules to allow Victorian Sole Traders to Self-represent.
- NSW Certificates of Title – Transition to Electronic, ct direction no longer required for nsw (nsw)
- The Issuing Instructions for Lodgement Instructions in NSW will now have CT Direction set to “Issue CoRD and do not print CT” and the Party Issued with CoRD set to “Party Represented by Responsible Subscriber”.
- enable nsw titles, currently out of scope for transactions to still be consented to in pexa (nsw)
- From July 1 2017, NSW does not allow Australian Deposit-taking Institutions (ADI’s) to issue paper titles. As a result, ADI’s are required to lodge electronic CoRD Consent to dealings that will be conducted in the paper channel. To support this, in a NSW workspace in the role of Consentor, you will still be able to create and lodge Consent even if the title is not electronically tradeable
- ability to transact on titles helD in a capacity in qld
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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:
- Trustee
- Personal Representative
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.
