PEXA is pleased to present the next release of the PEXA System, Release 5.0.1, scheduled for business go live 12 December 2016.
In this minor release, we are introducing a new document type of Priority Notice in VIC, together with some improvements to the email notifications sent from the PEXA System.
VIC Priority Notices
In VIC, you can lodge a Priority Notice to reserve priority for a pending transaction PEXA now has the ability to lodge a Priority Notice in VIC. When recorded on title, a Priority Notice has a twofold effect:
Reserve priority for the transaction set out in the priority notice,
Notify parties searching the title that a transaction to be lodged against title is imminent.
A Priority Notices' purpose and function is to preserve and protect the rights of the Parties named in the ‘Documents to be Lodged’ in the Priority Notice. It protects the interest of those parties named in the ‘Documents to be Lodged’ for the time between lodgement of the Priority Notice and the lodgement of the ‘Documents to be Lodged’ with the Land Registry. A Priority Notice is lodged by a Subscriber on behalf of the Applicant. The Applicant can be either the Subscriber lodging the Priority Notice or the 'Receiving Parties' (e.g. Transferee or Mortgagee) named in one of the ‘Documents to be Lodged’ in the Priority Notice.
Electronic and Paper Channels
Importantly, a Priority Notice may be created for a future dealing that will be completed in either the paper or the PEXA channel.
If the dealing is expected to occur in the paper channel, then a standalone Priority Notice is created in the role of Applicant.
If the dealing is expected to be processed electronically, in a PEXA Workspace, then the Priority Notice can be created by the participant in the role of either Incoming Mortgagee or Incoming Proprietor inside the PEXA workspace. Note: If the transaction, for any reason, then reverts to the paper channel and does not progress electronically, the Priority Notice can still be lodged within this workspace, as it belongs to its own lodgement case.
Duration A Priority Notice will be effective on title for 60 calendar days from the date of lodgement.
Learn how to Create a Priority Notice in this article.
Email Notifications
PEXA sends you automatic email notifications to keep you informed about the status of your transaction and any actions you need to take. We are initiating a project to improve your experience when receiving these email notifications. The first step is to start cleaning up some duplicate or redundant emails. With the R5.0.1, changes to the email notifications are outlined below:
Email subject
Change
Reason
Financial Settlement Status has been updated
Revise the email sending rules
This email will no longer be sent when settlement progresses to “Ready” status.
It will only be sent if on the day of settlement, the settlement status reverts from “Ready” to “Signed” or “In Preparation”
Lodgement Verification results received with errors
Email no longer sent
You will always see the lodgement verification results on the Documents screen once a document is saved or signed.
Stamp duty verification request has been sent to the Revenue Office
Email no longer sent
Email notification is no longer required as the information is clearly available in the PEXA Workspace
Funds disbursed for Workspace <Workspace ID>
Email no longer sent
Email notification is no longer required as the information is clearly available in the PEXA Workspace
Financial Settlement Date and Time has been updated
Removal of triplicate emails
You will no longer receiving three different emails each time the settlement date or time is updated. Only a single email will be sent.
Settlement date/time has been Accepted by all required participants
Revise the email sending rules
This email will only be sent to Financial Institutions, unless they are in the role of Consentor, CT Controller or Caveator on Title.
Confirmation Message on the Party screen, Address section
The on-screen message on the Party screen, Address section has been simplified based on feedback. The message now focuses your attention on completing the Address details in the Document, rather than in the Party screen.
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