27-10-2021 07:57 AM
Dear Community Members,
Confirming title information is key to any property settlement. Recently, we’ve received a number of queries from members on this topic and to assist you, we’ve collated this guide.
Both Registry Information Supply (RIS) and Title Activity Checks (TACSs) are services specific to electronic conveyancing and are aimed at providing the right amount of information at the right time, to enable the efficient completion of your settlements.
Registry Information Supply (RIS) is the information populated into a workspace once created. This is populated into the workspace directly from the Land Registry. It will confirm the title reference and registered proprietors, and details of interest holders if it is possible to vary those interests through a lodgement in PEXA.
A Title Activity Check (TAC) is an automated check between PEXA and your Land Registry for any activity on a Land Title in your Workspace. When a workspace is opened, an initial TAC checks for any activity on the land title in the preceding 60 days. This would include activity such as registration of an instrument that would not be populated into the workspace as part of RIS. Ongoing TACs will report on any land title activity since the last successful TAC, up to and including the day of settlement.
It’s important to note however that as per our Service Charter, information received from the Land Registry (RIS) does not constitute a title search, though PEXA RIS and TAC services can be used in combination with a title search to provide confidence that title data remains static throughout the duration of a transaction.
If you have any questions regarding the above, please reach out to your PEXA team member.
General Manager, Member Success (QLD)