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16-01-2019
02:42 PM
1 like
Dear George Thank you for the prompt response. Noting that standalone Transfers are required to be lodged via PEXA, what exception would this scenario fall under? The Transfer proposed will be in the standard form (i.e. Form 01T - Transfer). I do not see the relevant transfer on the Registrar General's website - http://rg-guidelines.nswlrs.com.au/e-dealings/elodgment/dealings_eligible_for_elodgment/transfer_electronic and as such, would be concerned if NSW Land Titles Office later on tells me that it has to be lodged via PEXA.
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- @GeorgePolus
16-01-2019
02:20 PM
@GeorgePolus Can the below mentioned Transfer be completed via PEXA (we note your responses above and wanted to check whether there would be issues lodging this Transfer via PEXA - particularly due to your comments regarding what PEXA notifies OSR)? I have been retained to act on a related party transfer (NSW property). The current registered proprietors are A (42/100) and B & C (58/100 as Joint Tenants). A intends to transfer 8/100 of her share to B & C, such that after the transfer, A will own 34/100 as Tenants with B & C, who will own 66/100 as Joint Tenants (Stamp Duty will be payable on 8% of the market value of the whole property, as only 8% is being transferred). I intend to prepare the Transfer as follows; Transferor: A, B & C Transferee: A (34/100) as Tenants in Common with B & C (66/100 as Joint Tenants)
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03-10-2018
09:32 AM
Dear Belinda Does that mean the Incoming Mortgagee who holds an unencumbered paper Certificate of Title has a right to deal and as such has a right to create the Consent in its own right? We act for the Incoming Mortgagee (Private Lender) and the Borrower has given us the unencumbered Certificate of Title for the purpose of registering a standalone Mortgage. Can we as the legal representative of the Incoming Mortgagee (and not the Borrower), create the Consent for the purpose of registering the new Mortgage? If so, how do we do this? Also, since we are electronically signing the Consent on behalf of the Incoming Mortgagee, are we only required to have a Client Authorisation Form signed by the Incoming Mortgagee (and not the Borrower, who we do not act for)? Thank you! Kind Regards, Ann
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02-10-2018
11:54 AM
Dear all We understand that when signing a Mortgage on behalf of the Incoming Mortgagee, we are certifying that; The Certifier, or the Certifier is reasonably satisfied that the mortgagee it represents,: (a) has taken reasonable steps to verify the identity of the mortgagor; and (b) holds a mortgage granted by the mortgagor on the same terms as this Registry Instrument or Document. The Certifier has taken reasonable steps to ensure that this Registry Instrument or Document is correct and compliant with relevant legislation and any Prescribed Requirement. The Certifier has retained the evidence supporting this Registry Instrument or Document. The Certifier holds a properly completed Client Authorisation for the Conveyancing Transaction including this Registry Instrument or Document. The Certifier has taken reasonable steps to verify the identity of the mortgagee. If the Mortgagor is mentally incapacitated and his/her Attorney has signed the Mortgage on behalf of the Mortgagor, then can we just verify the identity of the Mortgagor's Attorney only (i.e. does reference to Mortgagor above, refer to whoever has signed the Mortgage on behalf of the Mortgagor only?)? Thanks, Ann
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02-10-2018
11:22 AM
Dear Rupert We understand that in NSW, standalone Mortgages now must be lodged electronically via PEXA (regardless of whether there is a paper CT or eCT). As such, our issue is that the registered proprietor/mortgagor is currently unrepresented and has given to us the unencumbered paper CT for the purpose of registering our private lender client's mortgage. However, the CoRD Holder is generally the registered proprietor/mortgagor who we do not represent and as such, we assume we cannot prepare and sign the CoRD Holder Consent.
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02-10-2018
10:50 AM
Dear Cate Apologies for the late response. Just for clarity, can we (as the legal representative for the Incoming Mortgagee), prepare and sign the CoRD Holder Consent for the purpose of lodging the standalone Mortgage (we hold the original unencumbered paper Certificate of Title with the CAC)? If we cannot, does that mean that the registered proprietor/ mortgagor has to be represented? Thanks, Ann
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17-07-2018
01:31 PM
When we attend to standalone lodgements (e.g. a Discharge of Mortgage without a financial settlement), does the PEXA lodgement fee and registration fee automatically come out of our office bank account? Also, we note that the lodgement fee for a Discharge of Mortgage is $20.46. Do any additional fees apply if we request to have the paper duplicate unencumbered Certificate of Title delivered to us after the registration takes place (we note in the pricing schedule there is a fee for "nomination to paper dealing" of $19.36 - not sure what this fee is for)? Thank you.
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- lodgement
10-07-2018
10:17 AM
2 Likes
We act for a private lender/mortgagee. The borrower/mortgagor is unrepresented. We have a paper mortgage physically signed by both the mortgagor and mortgagee. We understand that to lodge the Mortgage, we then must create a separate electronic mortgage on PEXA. According to NSW LRS, the usual process for banks is that the bank signs the mortgage document in PEXA and certifies that they hold a paper counterpart of the mortgage document that is wet signed by the customer (http://rg-guidelines.nswlrs.com.au/e-dealings/elodgment/elodgment_requirements/signing_electronic_documents ). Similarly, on Page 6 of ARNECC’s National Mortgage Form Design Specification v1.5 it specifies that a ‘certification is added to [the electronic] Mortgage that the mortgagee holds a mortgage granted by the mortgagor on the same terms as the electronically lodged mortgage.’ Please confirm that the the borrower/mortgagor does not need to sign the electronic Mortgage on PEXA and as such that the mortgagor does not need to be represented. Please confirm that only we, as the legal representative of the mortgagee, are required to sign the electronic Mortgage and that our signature merely certifies the following: The Subscriber has retained evidence supporting the Mortgage document; The Subscriber has taken reasonable steps to ensure that the Mortgage is correct and compliant with relevant legislation and any Prescribed requirement; The Subscriber, or the Subscriber is reasonably satisfied that the mortgagee it represents: (a) has taken reasonable steps to verify the identity of the mortgagor; and (b) holds a mortgage granted by the mortgagor on the same terms as the [electronic] Mortgage. Please confirm that only we, as the legal representative of the mortgagee, are required to sign the CoRD Holder Consent and that our signature merely certifies the following: The Subscriber has retained evidence supporting the Consent The Subscriber has taken reasonable steps to ensure that the Consent is correct and compliant with relevant legislation and any Prescribed Requirement Thank you.
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10-07-2018
09:59 AM
1 like
We understand that in accordance with Conveyancing Rule 8.5, all standalone Transfers must now be lodged electronically. We have a settlement coming up where there are no incoming nor outgoing banks involved, but the Transfer will be lodged with a Withdrawal of Caveat. As the Withdrawal of Caveat is a dealing which affects the same folio/title as the Transfer, we assume that this matter can be settled physically. Could you please confirm? Thanks.
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