I suggest that you clarify with the SRO as to whether duty for your transaction can be assessed via DOL. If yes then please see this guide on how to verify stamp duty. However if your transaction is subject to a SRO Duty determination (or complex determination) then your transaction will need to complete via paper as it is currently out of scope.
I hope that answers your question.
... View more
Hi @karenp Yes a transfer workspace must have a financial settlement, with a proposed settlement date and time (ie lodgement date and time). Even if you have entered all the necessary information, the Transfer document will not progress from In Preparation status to Prepared status if your workspace does not have a financial settlement. To add a financial settlement, go to the Settlement screen, click on the action cog in the Settlement Summary tab and select Set Settlement Date. Please note you will need to enter source funds, which will be required to pay Land Registry lodgement fees, PEXA fees, and stamp duty (if applicable).
... View more
As a PEXA Direct Virtual Specialist (VIC) who helps practitioners learn how to use PEXA, I am often asked about Nominations. I hope our Victorian members find this article helpful as there seems to be some confusion in the community around this topic.
What is a Nomination?
A Nomination is an Administrative Notice used to request the Registrar to deal with a title in a particular way. Specifically, nominations lodged via PEXA relate to the current title in anticipation of an upcoming lodgement. It might assist if you think of nominating as "making the title available".
For more information please see the Certificates of Title and Administrative Notices Guide, available on the LUV website. When do you need to lodge a Nomination?
To help you ascertain the answer, you will need to consider these questions:
What is the current format of the title - is it electronic (eCT) or paper?
Will lodgement be completed via PEXA or via the paper channel?
In the event the title is an eCT and lodgement is via PEXA, is the CT Controller a party to the transaction?
Where the title is currently a paper title and lodgement will be completed via PEXA, then a Nomination is required.
This will be lodged by the party who holds the paper title, thereby converting the paper title to an eCT and “making it available” to the lodgement case.
Where the title is currently an eCT and lodgement will be completed via the paper channel, then a Nomination to Paper Instrument is required.
This will be lodged by the CT Controller, who specifies details of the paper instrument in the Nomination to Paper Instrument.
Note: Lodging a Nomination to Paper Instrument does not convert the eCT to a paper title, nor does it mean that the new title will be issued as a paper title.
Where the title is currently an eCT and lodgement will be completed via PEXA
Scenario 1: A Nomination is not required if the CT Controller is a party to the transaction. See Example A
Scenario 2: A Nomination is required if the CT Controller is not a party to the transaction. See Example B
The CT Controller is the mortgagee on title. A Discharge of Mortgage and Transfer will be lodged together in the same lodgement case via PEXA. A Nomination is not required as the mortgagee is a party to the transaction, having prepared the Discharge of Mortgage which forms part of the lodgement case.
The CT Controller is the mortgagee on title, and the practitioner is lodging an instrument (eg ASP or APR) via PEXA. A Nomination is required as the mortgagee is not a party to the transaction. In this scenario the practitioner will need to invite the mortgagee into the workspace as CT Controller so that it can nominate the title (or "make the title available") to the lodgement case.
How do I create a Nomination?
Please refer to this guide.
Note: The Nomination must be signed and lodged prior to the upcoming lodgement. Please ensure that you review the Certifications in the Nomination before lodging same.
When do you need to lodge a Withdrawal of Nomination?
Scenario 1: The CT Controller has lodged a Nomination to Paper Instrument in anticipation of lodgement via the paper channel. Circumstances have changed and lodgement will be completed via PEXA instead. In this scenario the CT Controller will need to lodge a Withdrawal of Nomination (followed by a Nomination if the CT Controller is not a party to the PEXA transaction). Scenario 2: The holder of a paper title has lodged a Nomination in anticipation of lodgement via PEXA. Circumstances have changed and lodgement will be completed via the paper channel instead. In this scenario the CT Controller will need to lodge a Withdrawal of Nomination, followed by a Nomination to Paper Instrument.
I hold an eCT on behalf of my client. Do I nominate to paper in PEXA if I want to convert it to a paper title?
Lodging a Nomination to Paper Instrument does not convert the eCT to a paper title. If you need to convert an eCT to paper title you will need to lodge your application directly with Land Use Victoria. The application form can be found on the LUV website. Note: Where there is an upcoming lodgement to be completed via PEXA, the new title can be issued as a paper title if the appropriate selection is made in the Lodgement Instructions.
What about the paper titles we hold in Deeds?
For bulk conversion of paper titles to eCTs please contact Land Use Victoria to discuss.
Please contact your PEXA Direct Specialist or post your question below.
... View more
Hi @karenp Are you referring to the message " These addresses are required to progress the transfer to a "Prepared" status however the Transfer may be saved without this information if you wish to enter it later" which appears in the Transferee Details section? If yes you will not need to enter the addresses however please ensure that you have completed your clients ' current and future addresses in the Transferor Details section. You will need to verify stamp duty before you can lodge the transfer (see guide here).
... View more
Hi @karenp Thank you for your question. To confirm, you have a scenario where there are two proprietors on title registered as joint tenants, and you are lodging a transfer to change to tenants in common. You have opened a workspace in the role of Proprietor on Title, edited your clients' details in the Participants screen and created a Transfer in the Documents screen. In the Transfer document, you will need to select the appropriate Tenancy type (ie Tenants in Common in this scenario) in the Tenancy Details section. You can click in the box below "Party", select one of the proprietors on title and enter their share details. You can then click green button "Add Tenant in Common", select the second proprietor on title and enter their share details. You will not need to enter in your clients' information again in the Transferee Details section. You can then complete the remainder of the Transfer document as usual. I hope that answers your question. Kind regards Nancy
... View more
Last week I joined my colleague @KarenBarr, PEXA Direct Specialist on the road to visit a few practitioners she has been assisting in South Gippsland. Karen is an experienced member of the PEXA Direct team, and she shared many handy tips and advice with me. The trip was a great opportunity for me to gain an insight into regional practice, as I will be helping practitioners in regional areas of Victoria become PEXA experts via virtual training in my role as Virtual Specialist. We visited the offices of Oakleys White, Oakleys Legal and BRB Law. It was terrific to see practitioners recognise the benefits of using the PEXA platform. For example, they no longer have to worry about a settlement packet going missing in the post or not arriving in time for a settlement in Melbourne. A big congratulations to Oakleys White and BRB Law on graduating from the PEXA Certified program. We hope you’ll keep us updated with your successes, experiences and ideas here in Community. Find out more about the PEXA Certified Program here. somewhere between Leongatha and Melbourne
... View more