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since ‎05-11-2018
‎05-05-2020
Osman_A
Osman_A
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About Osman_A

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Latest Contributions by Osman_A
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  • Latest Contributions by Osman_A

Re: Verifying Power of Attorney NSW

by Osman_A in Ask the PEXA Community
‎10-10-2019 09:21 AM
2 Likes
‎10-10-2019 09:21 AM
2 Likes
Hi, listen to this:   http://www.lawcover.com.au/risk-on-air/    Choose number 12 (currently the latest podcast).   Essentially the standard base response is you do not need to VOI the registered proprietor in circumstances where there is a valid POA which allows (or does not limit) the Attorney to deal with property and you are taking instructions from the Attorney directly. You obviously need to VOI the Attorney and confirm with them that the POA has not been revoked (i.e. they have not received any written communication from the donor that the POA has been revoked).   However, if there are suspicious circumstances as outlined in the podcast, then you may need to VOI the proprietor as well.    Hope that helps.  ... View more

Re: Producing registered Power of Attorney in a PE...

by Osman_A in Ask the PEXA Community
‎26-09-2019 02:08 PM
‎26-09-2019 02:08 PM
@GeorgePolus     Thank you for your response however Clause 5.6 of the MPR does not answer nor apply to my question.    The Requisition is part of the standard form of requisitions that most Solicitors/Conveyancers send to the other side in a transaction after exchange of Contracts. I am surprised the NSW LRS or your team are unaware of this standard question.    My question has not been answered but it is more of a legal one anyway so I do not see it being answered here.    Thanks   P.S. I had tagged 'NSW' as a category.    ... View more

Producing registered Power of Attorney in a PEXA s...

by Osman_A in Ask the PEXA Community
‎26-09-2019 10:19 AM
‎26-09-2019 10:19 AM
Traditionally, in a paper settlement if the Transfer was signed by the Vendor's attorney pursuant to a Power of Attorney (which had to be registered), the Vendor was requested to provide a copy of the registered power of attorney on or before settlement for the Purchaser to sight and confirm that the Transfer has been executed properly and will be accepted by LRS on lodgement.    Also, standard requisitions ask the following question: "If the transfer or any other document to be handed over on completion is executed pursuant to a power of attorney, then at least 7 days prior to completion a copy of the registered power of attorney should be produced and found in order"   Today, in an electronic settlement, does the Purchaser still require the Vendor's Power of Attorney to be produced to them at or before settlement? As LRS cannot know whether the electronic Transfer document has been signed pursuant to a  Client Authorisation Form which has been signed by the Attorney or the Vendor personally, from a settlement and lodgement perspective there seems to be no basis for requesting from the Vendor a copy of the registered Power of Attorney to protect the Purchaser's interest.  Obviously, the Purchaser also cannot know if the Vendor is selling with the signature of the Attorney as they will not be sighting any physical Transfer document or even the Client Authorisation Form. Should they be asking the Vendor each time if the Vendor or their Attorney's have signed the Client Authorisation Form.  No doubt a Vendor will still be required to register the POA and if the Client Authrosiation Form has been signed by the Attorney's then the POA must be kept for record keeping in case of audit etc. However, is the Vendor or their Solicitor/Coveyancer required to disclose to the Purchaser that they have signed the Transfer electronically pursuant to a Client Authorisation Form that has been signed by the Vendor's attorney's under a registered POA AND are they then required to provide to the Purchaser a copy of the POA?  In light of the above, is the above quoted Requisition relevant or applicable and if not how should a Vendor respond to that requisition. Interested to know what everyone thinks on this issue. If this is covered in the ARNECC guidelines or anywhere else please advise.  ... View more
  • Tags:
  • client authorisation
  • power of attorney
  • Registered
  • Requisitions
  • transfer
Category:
  • E-Conveyancing Community
  • NSW

Re: NSW Caveat - Registered Proprietor

by Osman_A in Ask the PEXA Community
‎19-09-2019 01:06 PM
2 Likes
‎19-09-2019 01:06 PM
2 Likes
Select Option 5 in the Actions prohibited section. Not option 1.    That should do it.   Cheers Osman ... View more

Settlement Notification - Order on the Agent (uplo...

by Osman_A in Ideas and Suggestions
‎15-11-2018 02:46 PM
6 Likes
‎15-11-2018 02:46 PM
6 Likes
We note the current system permits settlement notifications that can be generated and sent automatically once the matter has settled to the Agent.   This may not be sufficient as far as the Agent is concerned as it is not on letterhead and not signed.   Can PEXA create in the system where a PDF letter for Order on the Agent is saved and attached to this notification, which we note is currently available via the File tab BUT cannot be sent automatically once settlement occurs.    We require as part of our special conditions in the contract when acting for a Vendor, for the Order on the Agent to be uploaded to the workspace 24 hours prior to completion to be held by the Vendor's participant in Escrow and our condition stipulates that once we receive an email confirmation from PEXA, that the matter has completed successfully, that this Order on the Agent can be sent without any further authorisation from the purchaser's solicitor.    Clearly we can send this by way of separate email but it would be preferable that this PDF letter can be sent automatically on settlement via PEXA.    Our concern is that the current practice is for the Order on the Agent to be sent to us AFTER settlement and this can create issues where a purchaser may wish to withhold monies if there are issues upon inspecting the property. This is usually dealt with prior to completion but in a PEXA settlement the Order is received after settlement and this is a concern as there is no control over the funds held by the agent by way of the purchaser's authority to release once the matter has settled.    Can PEXA please create this process to occur. ... View more
  • Tags:
  • order on agent
  • pdf
  • settlement notification
  • uploading
Category:
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Latest Tags
  • client authorisation
  • power of attorney
  • Registered
  • Requisitions
  • transfer
  • order on agent
  • pdf
  • settlement notification
  • uploading
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