The recently published letter covering the NSW waiver and Victorian exemptions for Victoria says:
Non - ELN enabled Jurisdiction as part of the Refinance Transaction set]
It uses the words "Refinance Transaction". If you are doing a transaction involving Victoria and NT (or TAS, ACT which are also non ELN enabled) over unencumbered title that is not a "refinance" and technically you must lodge the standalone Victorian mortgage (even though if it were NSW it falls within the waiver CR 1/2017). Has anyone had cause to consider this? For an incoming mortgagee it means a deal that is Vic + NT that involves a discharge (i.e a refi) is able to be done in paper but if they were the incoming mortgagee for the same deal but without needing a discharge (i.e a not a refinance because title is unencumbered) there is no exemption in Victoria and the stand alone mortgage is required to be lodged in PEXA (despite it being linked with a non ELN enabled jurisdiction). Interested in views of the community
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To lodge the NMF in PEXA a paper NMF will also have to had been created and signed. It would be great if PEXA built the functionality to prepare the paper NMF within PEXA as well. Why? Because of MPR 6.13.1(a) and certification 5(b). Creating a paper NMF outside of PEXA and another within PEXA is what is happening in practice. There is still scope for human error to inadvertently create differences between the two (for example a title ref might be wrong in the paper NMF or a word deleted in the additional terms and conditions).
If an identical NMF that is to be signed in the paper world (ie with execution clauses) could be created in the same workspace in which you create the PEXA NMF (and which pulls the same title information etc) that would eliminate mismatches. Is there any thoughts on building that functionality (or does it exist already)?
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We're new to PEXA. Some commercial transactions require a proprietor on title to show a third party (like a buyer of their business or shares) that a "Discharge of Mortgage" is ready /signed in escrow as part of completion deliverables under a sale transaction. In the pre-paperless world normally you show a prospective buyer a signed paper discharge as evidence that security will be discharged. If there is workspace created by an outgoing mortgagee where they have prepared and signed a discharge of mortgage (but not yet lodged), is there a way to show a third party that the discharge of mortgage has been signed within PEXA and is ready to lodge? For example to invite an interested party into the workspace with "view only" rights? We probably could take a screen shot and show the interested party that there is a discharge of mortgage ready - but that does seem a bit cumbersome.
PS: great if the NMF could be added to the training environment
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