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3 weeks ago
3 Likes
You could look at it like this: "SETTLED" is settled - all parties consider the matter settled, then just like in the paper world, someone had to go to LRS to lodge (that is now electronic "LODGED" and "DISBURSING" would be just like going to the bank with a cheque - "COMPLETED" is registration completed and funds credited to the accounts. Obviously, you can't disburse funds from your trust account without receipting the clear funds, but I would be transferring funds as soon as the matter is marked SETTLED - as this is irrevocably completed. Happy to be corrected, but that is my understanding.
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3 weeks ago
1 like
Commercial purchase in NSW (not residential withholding) - Price excludes GST. In PEXA is the gross consideration amount entered in the Transfer the GST inclusive price? I'm assuming that it must be in order to pay it. I am confused as this shows on the Transfer as consideration, as in the old paper world it would not be on the Transfer? The price is $168K excl GST.
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23-01-2019
09:04 AM
Thanks @Ames I assumed that would be the case. But the market value used in this case is an agreed value by the parties, not a valuer or real estate agent.
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27-12-2018
03:26 PM
2 Likes
Banks dropping the ball once again. During the inception of PEXA, the big draw card headline was that it was going to save you time, especially when dealing with Banks. I agree, some of the banks do not respond in a reasonable time, and sometimes not at all. The automated process is removed if you have to revert back to calling banks and waiting in telephone queues for 45 minutes.
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18-12-2018
12:17 PM
Thanks @Ames, I have been able to add the multiple roles and create a Transfer - I am unsure of the type of Transfer. I have prepared a Transfer without monetary consideration by Consent Orders. However, there is a re-finance as well, so there is a financial settlement, with an amount being paid to the exiting registered proprietor. Stamp Duty is exempt (Consent Orders) so I presume I process, enter and verify as normal and enter the transaction ID etc? I don't understand why I have to enter a market value though?
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18-12-2018
12:06 PM
I have been able to add the multiple roles and create a Transfer - I am unsure of the type of Transfer. I have prepared a Transfer without monetary consideration by Consent Orders. However, there is a re-finance as well, so there is a financial settlement, with an amount being paid to the exiting registered proprietor. Stamp Duty is exempt (Consent Orders) so I presume I process, enter and verify as normal and enter the transaction ID etc? I don't understand why I have to enter a market value though?
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18-12-2018
11:59 AM
Hi, Yes thanks. This is a re-finance as well as a family law transfer. I have entered a "Transfer without monetary consideration by Consent Orders". However, there is a financial settlement. So PEXA is asking for market value - and then there is the stamp duty exemption. I guess I will get to that when I make sure I have the correct Transfer.
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18-12-2018
11:25 AM
I have instructions to act, of course, a signed authority, I have VOI'd and have consent orders and instructions from husband's lawyer. I just don't know how to make the workspace reflect the parties accurately.
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16-12-2018
03:13 PM
Thanks. This is the first family law transfer I have done and I am wondering about transacting in PEXA for both parties. The transfer is pursuant to consent orders and my client will be remaining on title with the other joint tenant coming off. The husband's lawyer is not a PEXA subscriber. So I would be signing the Transfer on behalf of all parties.
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16-12-2018
10:54 AM
I have just started a workspace on a family law transfer also. Has anyone answered you on this one?
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01-08-2018
11:27 AM
3 Likes
.... as easy as that !! Many Thanks @KrystleKocik
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01-08-2018
10:11 AM
Uploaded file has been shared with me but when you select view in the action menu - nothing happens. Not sure if there is something not right with settings on my PC or if it is within PEXA ?? Any clues?
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12-06-2018
04:06 PM
Great, thank you.
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12-06-2018
06:40 PM
I act for registered proprietor on title. They are arranging a refinance. There are two mortgages to be discharged on title. I hold a PAPER discharge of mortgage DATED 1 MARCH 2018, which was handed to me by the second mortgagee's solicitor Dentons at payout of the loan. I have set up a workspace and invited the first mortgagee and requested a CoRD holder consent to registration of the discharge of the second mortgage. Questions: #1 Is this a stand alone discharge dated after the cut off date, and if so, why would Denton's hand me a paper discharge of mortgage? #2 If I can lodge paper discharge at NSWLRS after consent - have I set it up correctly (as above) ?? Help ? I am confused - both Banks are confused.... Thanks
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23-04-2018
12:53 PM
Hi, Excess funds account is noted on discharge, but would love to set up the destination funds paying all to the bank without waiting for them to confirm a payout figure first, then allocating the balance. Doesn't seem doable?
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23-04-2018
12:39 PM
Just wondering, is it still possible (to be ahead of the game) and enter balance of sale funds to your discharging mortgagee (that includes excess funds) ?
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18-04-2018
03:41 PM
2 Likes
My understandng is, if you are for the vendor then the fee will come out of your proceeds of sale; if you are for the purchaser then you need to add this on after what is due to the vendor on settlement. I hope that makes sense. ;)
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17-04-2018
09:46 AM
Using settlement sheet in PEXA for the first time, and can't see where there is an option to enter a different adjustment date to the settlement date. Is this available?
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16-04-2018
04:16 PM
Hi, are you able to create consents for titles that do not have a CAC?
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16-04-2018
02:48 PM
Hi, Is this the case because the registered proprietors are joint tenants? What if they are tenants in common? Seems that only one party consents. I just prepared a CoRD for 2 joint tenant registered proprietors and could only enter the one of them for the consent.
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29-10-2017
11:59 AM
Thanks Heather, I will get into the WORKSPACE and try this out. Thanks for your assistance.
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08-10-2017
01:39 PM
I act for the proprietor on title. Our firm also acts for the mortgagee on title (private person). I can't seem to 'invite' myself OR create another party whom we represent. Can we settle in PEXA in this situation? If so, how do I set up the patricipants?
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03-08-2017
11:23 AM
1 like
Wow - great work. What a help!
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28-06-2017
10:14 AM
I am attempting my first priority notice. I act for a incoming proprietor. I hold paper Withdrawal of Caveat and 4 Discharges of Mortgage and a Transfer. I do not have registration fees from the client, so want to lodge a priority notice until the client pays the registation fees so I can lodge the paper docs. My question is - am I entering the workspace with the role of applicant OR incoming proprietor. Also there is no option for me to add as a document, the withdrawal of Caveat. Welcome any advice. Thanks.
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