When you create the workspace in the role of Caveator in Title, be sure to select 'with financial settlement.
Once the workspace is created, invite the Participant representing the Proprietor(s) against whom the Caveat applies.
This participant will come into the workspace in the role of PoT. No documents needs be prepared by this participant, only completion of a source funds line item with sufficient funds to cover the claimed amount, plus any professional fees, lodgement fees and PEXA fees.
In your role. you will create a few Destination line items:
Claim pay-out amount. For this line item, you will need to select the Line Category 'Other' and then either your firms Trust Account or your clients Account (as you see fit).
Your firms professional fees (If these are to be paid by your client, you will need to have your client deposit funds into your firms trust account or the PEXA source account if you do not have a trust account.
PEXA will create line items payable by your firm (as you will be the lodging party) to LUV for Lodgement Fees.
PEXA will create a destination line item for Withdrawal of Caveat with Settlement against your firm.
In your role you will also crate the Withdrawal of Caveat.
The PoT representative, will be required to to enter Source Funds to balance the Settlement Schedule.
Once your firm and the PoT rep have agreed settlement date and time, balanced and signed the Settlement Schedule and your firm has signed the WCav and Lodgement Instructions, the workspace will be Ready for Settlement at the agreed settlement date and time.
Please let me @GeorgePolus know if you have more questions.
... View more
I agree with Aaron but just want to clarify. Do you want to add source funds to payout the security (loan payout) or just the discharge fees?
In either scenario, if you are representing the Proprietor on Title, you cannot access the PEXA Source Account (if that's your regular source account).
If there's no loan payout and you're only talking about discharge fees, those will be dealt with by the mortgagee and you don't need to be in the Workspace at all.
If you need to arrange repayment of a loan, you can arrange this outside of PEXA (as Aaron suggests) and then the mortgagee can deal with lodging the discharge in PEXA, and again, you don't need to be in the Workspace.
... View more
Hi Cathy @cmac88 If one party signing the transfer refuses to get legal representation and is not a lawyer or conveyancer or PEXA subscriber acting for themselves, the transfer will need to go down the paper channel and cannot proceed in PEXA. Here's an extract from the Customer Information Bulletin 175 from Land Use Victoria: From 1 March 2018, transfers of land and survivorship applications must be lodged electronically. This requirement applies when a party is represented by a conveyancer or lawyer who signs the instrument on behalf of their client; or, the party is a conveyancer or lawyer, or PEXA subscriber acting for themselves. Cheers Jonathan
... View more