07-12-2017 12:34 PM - edited 07-12-2017 12:36 PM
Recently I was asked if a Title Activity Check (TAC) picks up if a writ is placed on title. The answer is YES it does. The TAC will pick up on any activity for the title/s in the workspace, providing the activity occurs within the TAC period:
60 days <--------------------------Title added to workspace --------------------------------------> Settlement
TAC looks at activity 60 days prior TAC runs weekly until week of settlement, then daily, then 1 hour before
(initial TAC period)
If a writ was placed on title prior to the initial TAC period, PEXA would not be able to report on this in subsequent TACs as the TAC looks for incremental activity, since the last TAC. Therefore, as per standard conveyancing practice, it is prudent to order a full title search at the beginning of a matter.
Please get in touch if you would like to chat about this further.
Have a great day!
on 20-02-2019 05:42 PM
Thanks for that information but I must admit I am now confused. I participated in a webinar on 5 February 2019 on NSW Transfers for buyers. In response to a question posted as to whether the TAC removes the requirement for a final search, the presenter replied that mortgagees no longer require final searches but rely on the TAC. However one of the PEXA officers assisting the presenter then commented that the TAC does not detect a writ recorded on the title in NSW.
I understand that the TAC does not pick up activity prior to the initial TAC period, but does it pick up a writ recorded on the title during the 60 days prior to creation of the workspace through to the last TAC 55 minutes before settlement?
I hope you can clear this up.
on 21-02-2019 10:49 AM
So sorry for the confusion on this topic. I understand there was some information provided on the webinar that was not explained correctly. I have had a chat to the team about this and clarified for further sessions. A TAC WILL pick up a writ if it occurs in the TAC period. It will not pick up a writ if it is already on title, and is not visible under the "Land Titles" screen in PEXA. The Land Titles screen in PEXA is a cut down version of a title search, designed to show who is on title and if there are any caveats on title. We expect to expand the details in this screen in coming releases.
So in short, the title activity check (TAC) will pick up a writ that is placed on title within the TAC period, at the regular intervals the TAC is run (weekly after the workspace is opened, and daily in the last week of settlement, then 1 hour before settlement).
Hope this helps to clarify.