We know it’s likely you have a high number of transactions to be settled by June 30, as we approach the busy End of Financial Year period. We usually see transactions peak in the last week of June and this year will be no different. During this important period, it’s important we all work together to ensure the smoothest possible path to settlement, for peers and our clients.
To help get clients into their new homes, sell their current homes, and/or settle other important property matters before this date, we want to help you reduce stress and be well prepared.
We’ve developed some quick tips to help you beat the rush:
Send Workspace invitations early, at least 10 business days out from settlement.
Create the Transfer document when the workspace is created or invitation is accepted.
Finalise the Total Funds Required to Settle (TFRS) 3+ days out, or 5+ days if using the PEXA Source Account (these time frames area a guide only and may not be achievable in your jurisdiction).
Finalist payment directions at least 24 hours prior to settlement.
Avoid booking settlements between 12pm and 2pm AEST wherever possible. These are the most popular time slots, so consider selecting a different time.
To find out more, see the PEXA Transfer Guidelines FAQs and the Bank Transfer Checklists:
Link to Transfer Guidelines
Link to Bank Transfer Checklists
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The current COVID-19 outbreak presents a number of logistical challenges to industry, particularly for members regarding the over the counter lodgement of presently out-of-scope paper documents.
With this in mind and to support the state’s network at this time, the NSW Office of the Registrar General (ORG), NSW Land and Registry Services (NSW LRS) and PEXA have worked together to facilitate a temporary solution to lodge presently out of scope paper documents through the PEXA Platform.
The new lodgement process, referred to as “COVID-19 Residual Lodgement” will be made available in two phases from 11 May 2020. The COVID-19 Residual Lodgement process enables paper documents to be sent through to NSW LRS via a PEXA Workspace as a document in PDF format. The NSW LRS will then treat the PDF version of the document as if it were being lodged in paper over the counter.
The COVID-19 Residual Lodgement process will be rolled out in two phases:
From 11 May 2020, PEXA Subscribers will be able to lodge paper Real Property Act dealings with a Land Title Reference through the COVID-19 Residual Lodgement via the PEXA Platform. This functionality will be available for both dealings that are not currently mandated for electronic lodgement, as well as mandated documents. For a full list of paper dealings that are able to be lodged in Phase 1, please see NSW LRS FAQ’s here .
From 25 May 2020, paper documents which don’t have a Real Property Act Land Title Reference or where the Land Title is not valid for electronic lodgement in the PEXA Platform, will be able to be lodged through the PEXA Platform using a prescribed Title Reference. The documents that will be available from 25th May 2020 are as follows:
"Memorandum" - Form 16LM "Resumption of Non-RPA Land/Primary Application" Form 00RA "Old System Deed" "Power of Attorney"
"Miscellaneous Document" will be available from 15th June 2020.
Please note that as you will be entering a dummy title reference into the workspace for these dealings, the Title Activity Check and Lodgement Verification on the documents will not occur.
You will need to ensure that they follow the same process that currently applies in paper, such as completing and submitting an eNOS where applicable and ensuring the paper dealing is stamped by Revenue NSW.
For further information on how to complete the above, please see Help Cards Attached.
General Requirements (pursuant to NSW LRS Lodgement FAQs)
Dealings that are lodged through the COVID-19 residual lodgement channel are to be accompanied by a cover sheet which is generated in the PEXA Workspace.
The sheet will include:
Dealing Name - The respective dealing type available is selected from a list of Real Property Act dealing forms
Land Title Reference(s) affecting the dealing
Applicant – The lodging party of the paper dealings
Affirmation Statement - The Subscriber must affirm the following statement by typing into the cover sheet The Certifier certifies that the attachment is a true copy of the Instrument, a duly executed version of which has been retained by the Certifier.
Attachment – The dealing/document to be attached must be the same as the Dealing Name selected. The paper dealing/document must be completed adhering to the rules specified in Registrar General’s Guidelines for that particular dealing/document.
When uploading and attaching the file, please ensure:-
The complete paper lodgement is in one PDF (max size of attachment 100MB)
The attached PDF is not security protected.
Attach file as "Dealing"
What is the PEXA fee? The PEXA fees are $35.75 incl GST or $50.16 incl GST (with financial settlement). For further information on PEXA Pricing for COVID-19 Residual Lodgement please see here .
How will LRS Lodgement fees be processed? The current process will apply. If the transaction does not involve a Financial Settlement, both the PEXA Fee and the NSWLRS Lodgement fees will be direct debited from your nominated account. If the transaction involves a Financial Settlement, the PEXA Fees and the NSWLRS Lodgement fees will be included as a destination line item in the Financial Settlement Schedule and be paid at settlement.
Can I lodge Water Access Licence dealings using this process? No. WAL dealings are currently unavailable and must be lodged at NSW LRS Lodgement Office using the “drop & go” option.
Can I settle financially in the same Workspace? Yes you can. For further information on how to complete the transaction, please refer to Help Cards attached.
Will my document register automatically? No. It is important to note that the Covid-19 Residual Document process is allowing the electronic delivery of paper documents to LRS for registration. Once documents have been received by LRS, they will follow the current process for registration of paper dealings.
Can I lodge a dealing currently available through PEXA with a paper dealing via the COVID-19 Residual Lodgement process? No. A lodgement case must either contain all electronically created dealings or, all paper dealings scanned and uploaded to the PEXA Workspace.
How long will the COVID-19 Residual Lodgement be available in PEXA? Whilst COVID-19 Residual Lodgement is temporary, Phase 1 will continue to operate after the pandemic. However, PEXA will continue to work with NSW LRS, ORG & Revenue NSW to make every dealing a structured document which is more suitable for eConveyancing.
Phase 2 is intended to cease operation once the pandemic period as passed and the Registrar General deems it safe to do so. Further communications will be published at that time.
What land title reference do I use for lodgement of Phase 2 documents? The prescribed Land Title Reference to be used is NO/REF/99999. For further information on how to lodge these documents, please refer to Help Cards attached.
Can I lodge a dealing if it affects more than 20 titles? Yes. To lodge a dealing which affects more than 20 titles, you will select “Miscellaneous Document” and use the prescribed Land Title Reference NO/REF/99999 when validating the Land Title at workspace creation. The actual Land Title References will be stated in the PDF copy of the dealing.
Can I satisfy Requisitions on Title through PEXA? No. For further information, please see NSW LRS Information Sheet here
Do I need to complete an eNOS? An eNOS must be completed online through the NSW LRS Online Portal .
Does the paper dealing need to be stamped by Revenue NSW? Yes, the requirement for the payment of duty and stamping by Revenue NSW on the paper dealing does not change as a result of COVID-19 Residual Lodgement.
If you require any further assistance, please email out to email@example.com .
Executive Manager, Practitioner Services (NSW)
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JMA Legal reached a massive milestone this week by completing their 500th PEXA Transaction! JMA legal have been fantastic advocates of PEXA and electronic Conveyancing. I have truly enjoyed assisting you along your journey. Heres to another 500 transactions!
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Hi Sally, In our release in April this year, we added a new function which allows you to upload files, including the Discharge Authority, to the PEXA Platform. This then enables you to share the file with other Participants in the workspace. You won't be able to share files unless the Participants have accepted the workspace however, so just bear this in mind. I have included the below link which details how you go about uploading files. I hope this information helps! https://community.pexa.com.au/t5/Help-Centre/Upload-and-Share-Files-within-PEXA/ba-p/3192 Rebecca
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