About Sonia77

Can we have alerts or something sent to the banks warning them when they have not loaded the Form 3 Release of Mortgage document in the PEXA Workspace by the day prior to settlement.   If a Conveyancer can prepare a Transfer document two weeks out of the settlement date why can't the banks load the Release at least one day prior to the Settlement Date.   It is now 10.48am on the day of settlement and neither party or the incoming bank can sign off on the workspace because Westpac have not yet prepared the Release and the workspace therefore can't balance.   I have better things to do than to check the workspace every 15 mins.   This is the second time I have had this problem with Westpac.       ... View more

Can someone please tell me when the advancing bank should be preparing the National Mortgage.   I have been put on notice by CBA to complete the FSS at least 24 hours prior to the Settlement Date to ensure no delays.   It is 9.55am SETTLEMENT DAY and I would like to sign off on the Workspace but how can we if it isn't even balanced yet because the National Mortgage hasn't even been created yet. ... View more

I have a purchase settling today at 1.30pm and the discharging bank (WBC) has not yet accepted the invite nor have they prepared the Discharge.   I can't sign off on the workspace until the discharge has at least been prepared which would then balance the workspace.   When should the banks prepare the discharge as this is not explained anywhere.   From a historical check I can see they joined the Workspace on 2/11. ... View more

I need to record a new Trustee on a title due to the old Trustee having retired.   The Land Titles Office Practice Manual states -   Instrument Required [1-2425] A Form 1 – Transfer is required that shows: (1) The retired/discharged/deceased trustee and any continuing trustees (as applicable) as transferor in Item 3. (2) Words to the effect of ‘As a consequence of the retirement/discharge/death of [name of registered trustee] who held the lot or interest in trust and the appointment of [names of new trustees] in accordance with the Trusts Act 1973’ in Item 4. If the trust is not already recorded on title and it is intended that the trust be disclosed, Item 4 should also include words to the effect of ‘and to declare the trust in accordance with s. 109 of the Land Title Act 1994’ or ‘and to declare the trust in accordance with s. 374A of the Land Act 1994’. (3) ‘[names of new trustee] as trustee’ in Item 5. This will include any continuing trustee, as applicable.   How do I insert these words into the consideration as there is no monetary consideration ? ... View more

Settlement is due today at 2.30pm and it is currently 12.19pm AEST and ANZ have not yet loaded the payout.   2 conversations have been submitted with no response.   This is unacceptable.   Just because we don't have to order bank cheques any more does not give the banks the right to delay issuing payouts.   Put more staff on if you are busy - it's no excuse. ... View more

Can I assess a duty exemption under s130B of the Duties Act for a transfer from the Bare Trust to Custodian in PEXA ?   The Super Fund is paying out the bank so the bank would want the transaction completed electronically preferably.   Does this duty exemption qualify for an ELN transaction ? ... View more

My Buyer's Off The Plan Purchase did not settle on time recently for the following reasons:-   1.  Westpac only loaded the loan funds available 4.5 hours before close of business day before settlement. 2.  Westpac released the portability loan funds back into their customer's savings account and did not advise us they had done this.   My client therefore had less than 12 hours to transfer cleared funds into our Trust Account before the settlement time.   The Workspace had been set up on the basis that Westpac was providing all funds at settlement due to the portability.  This meant I was required to pay the stamp duty within the Workspace and as part of the settlement.   Because this was not the case, we had to not only transfer from our Trust Account to PEXA the client's contribution but also the stamp duty required in the workspace.  As the Queensland Office of State Revenue is not set up to pay stamp duty within the workspace, we then had to wait for PEXA to transfer back into our Trust Account the stamp duty amount before EFT'ing payment to the Office of State Revenue.   Please tell me how is PEXA easier when the banks leave things so late ?   The banks are going to have to "upp their game" if they want Queensland to come on board.   When time is of the essence there is no room for errors.   On this occasion the Seller/Developer agreed to grant a one day extension of time.                         ... View more

On completing my first Purchase, with an Incoming Mortgagee, I was disappointed to see that as the subscriber representing the Incoming Proprietor we are not notified when the Transfer has registered. At the very least the Incoming Mortgagee should load the Registration Confirmation Statement into the Platform as the last step if DNRME can't cc. the subscriber acting for the Incoming Proprietor.   ... View more

Is there anything preventing a sale Contract to be run through PEXA that has a condition subject to the registration of the Transmission Application.   The current owner is deceased.  Settlement Date is 7 days from registration of the Transmission Application so the registered owners on the day of Settlement will be the Personal Representatives. ... View more

I have a foreign Buyer and will be required to lodge a Form 25 Foreign Ownership with the Transfer instrument as per DNRME requirements.   Does PEXA have a Form 25 that can be prepared along with the Transfer ?   Or does it mean the transaction does not qualify ? ... View more