2 weeks ago - last edited 2 weeks ago
With Part Tenancy Transfers having been introduced to Queensland in May 2021, I’m now pleased to share that together with the Queensland OSR and Titles Queensland, we’re expanding the functionality to include the following new enhancements:
We’ve tested these features extensively together with industry and we’re excited for you to try them out. Check out our help cards and FAQs below to help you get started.
1. What additional consideration types can be completed on PEXA?
PEXA has expanded the consideration type category to include the below:
2. What is the lodgement fee for a Part Tenancy Transfer?
Please refer to our Pricing Schedule for up-to-date pricing.
3. How can I access the OSR support resources for Part Tenancy Transfers?
OSR support resources can be accessed here:
4. What do I do with supporting documentation such as Certified Court Orders?
The Subscriber should retain supporting evidence in accordance with the Prescribed Requirements and Rules 6.6 of the Participation Rules (Queensland). The Business Rules outline that this evidence does not need to be deposited when settling via PEXA.
5. There is a mortgage on title and the parties have consent of the mortgagee, can I do a PTT in PEXA without releasing the mortgage?
Transferring the property with a PTT subject to mortgage can be facilitated by PEXA and in order to satisfy Titles Queensland, please refer practitioners to Section 63 of the Land Title Act 1994 (the Act) which provides for the transfer of a mortgaged lot. It is recommended Subscribers consider the application of this section of the Act when conducting transfers where a mortgage is not being released prior to the transfer of the lot.
6. What types of transactions can I complete on PEXA?
For a full list of transactions that be completed on PEXA, click here.
As always if you need support, reach out to your PEXA representative – we’re here to help.