Hi @NancyC and all ,
In response with your Scenario 1:
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.
I inform that your above advice is correct, but is only limited to the situations where the Mortgagee of Title or the eCT controller is one of the Big 4 banks (e.g. CBA, ANZ, NAB and Westpac).
If the mortgagee on title or eCT controller is not one of the big 4 banks, then a Nomination must be completed and lodged for settlement to proceed.
Further practical note:
If an error message appears under Lodgement Instructions requiring that a Nomination is required, do not "edit" the Lodgement Instructions as the error message will disappear. The fact that the error message disappears does not mean that the Nomination no longer needs to be completed and lodged.
Do not rely entirely on the outstanding "Tasks" in the workspace. It acts as a guide only. Sometimes it may not show all required tasks that needs to be done. (E.g. verify source funds etc).
Hope this will help other PEXA users!
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Hi, We represent the wife in a breakdown of marriage transfer (husband & wife to wife). The joint mortgage is being discharged and new mortgage in the wife's sole name is being registered. Can we complete this as a part tenancy transfer? Or do we need to list the wife as the proprietor on title and incoming proprietor?
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