PEXA Tracker is a search tool that produces a view-only summary of a Workspace. Below is a glossary of terms to support you while using PEXA Tracker to update your customers.
Glossary of terms
Role:
The legal representatives or banks that are involved in the property transaction
| Incoming Mortgagee (IM): |
The bank that is going to be registered on title.
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| Mortgagee on Title (MOT): |
The bank that is currently on title (Discharging)
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| Incoming Proprietor (IP): |
The legal representative of the party who is purchasing the property (The buyer)
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| Proprietor on Title (POT): |
The legal representative of the party who is selling the property (The seller)
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Settlement date acceptance:
The status that represents if the Subscriber is ready to proceed with the property transaction at the proposed settlement date and time.
| Accepted: |
The legal representative or the bank have agreed to the settlement date and time as they are ready to proceed to settlement.
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| Pending: |
The legal representative or the bank have not yet agreed to the settlement date and time and as they are not yet ready to proceed to settlement. Settlement will not proceed until this action is completed.
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Documents:
A digital representation of the documents that will be lodged with the relevant land registry.
| Signed: |
The Legal representative or the bank have completed their final checks and the documents have been digitally signed for lodgement.
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| Not signed: |
The Legal representative or the bank are still completing their final checks and the documents are not yet digitally signed for lodgement. Settlement will not proceed until this action is completed.
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Financial settlement:
A digital ledger (Settlement statement) of the funds that will be provided and transferred to the relevant parties to complete the settlement.
| Signed: |
The legal representative or bank have entered all of their financial contributions and have digitally signed to authorise the transfer of funds.
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| Not signed: |
The legal representative or bank have not yet entered all of their financial contributions. They will digitally sign off once they are ready to authorise the transfer of funds. Settlement will not proceed until this action is completed.
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