14-03-2019 10:39 AM
Is there anything preventing a sale Contract to be run through PEXA that has a condition subject to the registration of the Transmission Application.
The current owner is deceased. Settlement Date is 7 days from registration of the Transmission Application so the registered owners on the day of Settlement will be the Personal Representatives.
14-03-2019 07:06 PM
Great question Sonia!
My understanding is there is nothing preventing the settlement to occur in PEXA. The logistics of the process and the timing involved is perhaps what will assist you with the choice of going the digital or paper route.
I.e. If choosing digital this will involve opening the PEXA workspace once the Transmission Application is registered and ensuring everything is ready (including banks if involved) to settle within the seven days.
N.B. Transfer guidelines state banks are to be invited to the workspace at least 10 days prior to settlement, so you may need to reach out prior to ensure they are happy to continue with the tight time frame.
Hope this helps,
15-03-2019 11:13 AM
Thank you for your reply.
I would like to see PEXA improve the system to allow a workspace to be created sooner than when the Transmission Application has registered.
We don't prepare the Contracts in Qld - the Real Estate Agents do and when PEXA becomes compulsory in our State the Seller will not be able to comply with the Contract condition.
If you can accommodate Off the Plan Contracts via the PEXA Projects Platform why can't there be a similar system for these scenarios when the Contract is subject to the Seller becoming the registered owner by the Settlement Date ?
This will give the banks the time they need.
We do a large number of transactions which is subject to registration of ownership whether it be Transmission Applications or other scenarios like subject to registration of CMS in a 2 lot scheme and the Seller and Buyer will not understand why we can't settle in 7 days, especially if the Buyer is about to be homeless.
PEXA is flawed in this respect and I would like to see this added to your Agenda for review at a later date.
15-03-2019 11:55 AM
Hi Sonia – thank you I will indeed pass this on to the development teams for discussion and consideration.
My understanding is you can create a PEXA workspace prior to the registration occurring, however will need to do information re-supplies before the transfer can be created successfully in preparation for settlement to ensure the change to personal representative on title is shown. Perhaps not ideal.
Thank you for taking the time to comment on this. Valuable insight from our members is something we certainly encourage and applaud, this allows PEXA to continually improve and deliver a solution that works for all.
Have a lovely Friday