PEXA Wodonga

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Paul Major Land Use Victoria

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Paul is explaining that we need to be aware of the Registrars requirements for electronic conveyancing. These are on line here www.delwp.vic.gov.au/publications

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Paul reminds us we must hold 'verification of identity' and 'AARNEC Authority to transact' when doing electronic conveyancing. 

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Paul lets us know that survivorship (ASP) and transmission application (APR) will be available on PEXA from November 2017 to 1/3/2018

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Paul tells us by 1/8/2019 all transactions must be digital

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https://www.propertyandlandtitles.vic.gov.au/customer-information-bulletins

Paul recommends we subscribe to the LUV 'customer bulletin' 

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Paul says the LUV hold 3.5 million titles and 20 million instruments. If we have a problem with the quality of the  scanned image, we should ask the 'land data' people at LUV to help

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Lisa Dowie  PEXA Chief Customer Officer hosting this event for us today 

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Lisa assures us that PEXA has regular communication with the banks. She says all parties, including the banks,  should follow the PEXA Transfer Guidelines. However at the moment only 5% of Transfers are done by PEXA so banks' focus is still on the 95% paper transactions. Over time the banks should improve their performance 

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Incoming mortgagee has until 10am on the day of settlement to enter source funds! Whereas incoming proprietor must do so 2 hours before.