About GeorgePolus

Hi Renee,   To help me to respond to your question, would you please tell me a little more about the scenario.   Is it that you have a single vendor, transferring more than 20 separate lots to a single purchaser, and that the transaction is to be completed using a single Transfer of Land Document and that the funds are to be exchanged in a single transaction?   Also, would you please confirm which jurisdiction that the transaction is occur in.    Thank you  George  ... View more

Hi Nnicola,   My reading of the VIC Registrar's requirements regarding mandate is that a Change in Mortgage Priority does not provide grounds for exemption of electronic lodgement of a ReFI.   I recommend that before you go down the path of a paper ReFi accompanied by a Mortgage re-prioritisation you contact Land VIC and seek advice.  ... View more

Hi Tanya,   In a workspace that includes Financial Settlement, PEXA will automatically create a Disbursement line item for disbursement of PEXA Fees.   Only for stand-alone transactions that do not include Financial Settlement does PEXA recover PEXA and Lodgement Fees via Direct Debit.    When acting for a Purchaser, Source funds for payment of PEXA fees via the Financial Settlement Schedule may come only from one of two places.   Your Trust Account - you can set a Category value of 'Funds for PEXA Fees'  to separate PEXA Fee funds from Purchasers Equity.  The line item Categories  will be reflected in the Settlement Statement.  Any Purchasers Equity of even Loan Proceeds from your clients Financial Institution.  When acting for a Vendor, Source funds for payment of  PEXA  fees via the Financial Settlement Schedule  may only come from one of two places.   Your trust Account An adjustment out of any Vendor Surplus. Note:  The same reasoning as outlined above may be applied to recovery of your firms Professional Fees.   PEXA allows entry of a Category of Professional Fees.     Please let me know if you need additional information or have any other questions. ... View more

Hi Svetlana,   Please always feel free to ask questions - that is what PEXA Community is here for.   IMPORTANT:  If your transaction is in the jurisdiction of VIC, right now we have an issue where a change in manner of holding may result in transfer transaction attracting duty when it ought be exempt from duty.  A change will be made in PEXA which will come into effect in early 2018 to rectify this Duty Calculation issue.   Until then, I am afraid that to attract the correct duty, this type of transfer will have to be completed via the paper channel.    That said, how d oes a Representative Subscriber  represent more than one Party in a different role ? In PEXA there are two important comcepts.    PARTICIPANT - A Subscriber acting in a PEXA workspace is a transaction Participant.    PARTY - A Subscriber in a PEXA workspace represents a Party.  A Subscriber represents a Party in a given Role. A Representative Subscriber ( a lawyer or licensed conveyancer) may represent more than one Party in a given workspace.   Each Party may be represented in the same role, e.g Vendor/Proprietor on Title/ Transferor or different Parties may be represented in different roles, e.g one Party as  Vendor/Proprietor on Title/ Transferor and another Party as Purchaser / Incoming Proprietor / Transferee.    So, how does a Representative Subscriber represent more than one Party in a different role?   Please click here to see a video showing you how to add a role to your workspace.    Please let me know if you need more information or have more questions.   ... View more

Hi Nnicola,    Unfortunately, the Torrens Title process does not work the way you are hoping.   Let's look at the example you have provided.   1st Mortgagee on Title:  Bank A - remaining 2nd Mortgagee on Title: Bank B - Westpac to Refinance 3rd Mortgagee on Title: Bank C - remaining   As you suggest, WBC will create a new workspace in the role of IM.  WBC will invite Bank B into the workspace in the role of MoT.   WBC would also invite Bank A into the workspace in the role of CT Controller.    The workspace would include 2 Documents - Discharge of Mortgage Bank B, Mortgage WBC.   Following Registration the order of Mortgage encumbrances on title would be:   1st Mortgagee on Title:  Bank A  2nd Mortgagee on Title: Bank C  3rd Mortgagee on Title: WBC    Regardless of if the dealing were to be completed via the paper or PEXA channel, the outcome would would be the same.   WBC would be at the bottom of the priority list.   There are two ways to achieve the outcome you are after.   In paper, I expect that the lodgement case would include:   Discharge of Mortgage Bank B Mortgage WBC Mortgage priority reassignment - move WBC above Bank B.   As I mentioned in my original response, at present there is no dealing in PEXA to re-assign the priority of Mortgage encumbrances on title.   This can only be done in paper at present.   So, WBC could perform the electronic refi as I described above and then lodge a a Mortgage priority reassignment via paper.    OR   WBC could invite both Bank B and Bank C into the workspace and have both create a Discharge of Mortgage.   Bank C and WBC would then create a Mortgage.   WBC, as responsible subscriber, would set the order of lodgement so that the WBC Mortgage would lodge prior to the Bank C Mortgage.  Follwoing registration the mortgages on title would appear as:   1st Mortgagee on Title:  Bank A  2nd Mortgagee on Title: WBC  3rd Mortgagee on Title: Bank C   There are issues with this  approach however.   1.  Bank C will need to update their loan records with the new Mortgage Dealing number.  I suspect that Bank C will not be happy about having to do this. 2.  Bank C will likely require that WBC pay all the PEXA and lodgement fees.   This can readily be managed in the PEXA FSS, but managing the back office WBC fee payment processing may be less straightforward.    I hope I have not confused you.   Please let me know if you need more information.  ... View more

Hi Shashank,   Via the electronic channel, the DealingType to effect a change in priority of registered mortgages is not yet available in any jurisdiction.   The only way to effect the outcome via the electronic channel would be to discharge Mortgage 1 and Mortgage 2 and then in the same transaction create Mortgage 3 and Mortgage 4 in the priority sequence that is desired.    NOTE:  It is on the national road map to 100% digital to support a dealing type to effect a change in the priority of registered mortgages.  The timing will vary by jurisdiction.  However, as each registry, as well as PEXA must build the capability to accept and process this new dealing type , we are not yet able to communicate planned dates.   More information will be made available in the coming months.    Please let me know if you require additional information.      ... View more

Hi Peta,   Lodgement Fees are returned to PEXA from the Land Registry at Lodgement Verification.    The Settlement Date is passed by PEXA to the jurisdictional Land Registry at Lodgement Verification which is used by the Land Registry as the 'Intendend lodgement date'.  The Land Registry uses the intended lodgement date to determine and return the lodgement fee to PEXA that WILL BE IN EFFECT on the date of settlement.    You are correct to be concerned if the Lodgement Fees returned to PEXA by the Land Registry appear incorrect.      The best thing to do will be to invoke lodgement verification.  You can do so by making an update to one of your documents.   When lodgement verification returns, the fee in effect on the date of settlement will be returned.   (Be sure to return to the document and correct the data you updated - lodgement verification will be invoked once again).    If you believe the lodgement fees are incorrect following the above, please let me know the jurisidction you are working in and I will investigate and get back to you.   PEXA Fees work in a similar manner to lodgement fees.  However, unlike lodgement fees, if PEXA documents are signed with the 'old' PEXA Fees, we will never fail the transaction at lodgement.   Please let me know if you have more questions.     ... View more

Hi @Sandcorp   We are always keen to hear feedback, both positive and not so.     I will respond to your specific issues below.   We will take your feedback on board and see how we can improve the user experience.   Item 1: "we cannot finalise our tasks in the system until this (banks have completed their tasks) is done so I have to stop working on other files to keep watch on PEXA." Item 2:  “The financial settlement page is completely hopeless. When representing a vendor we why do we need to see  stamp duty, transfer fees, the purchaser's representatives fees, the purchaser's PEXA fee.  We can't update the destination until the bank have entered the payout figure even when the bank are collecting all funds.”  PEXA RESPONSE Waiting on the bank to provide the loan payout.   As part of the PEXA Community, banks have agreed to work to protocols for completion of tasks.  For payout figures, banks are working to complete entry of loan payout figures by 10:00 AM on the morning of settlement.  You can find industry protocols here:   A new feature in PEXA allows a Vendors representative to complete and sign the Financial Settlement Schedule (FSS) prior to entry of the Loan Payout. The feature allows the Vendor Surplus to vary, within a tolerance specified by the vendors representative, as a result of entry and signing of the loan payout without un-signing the Vendor Surplus line item.   Click here for more information:  All Participants having to sign Lodgement Instructions In recognition of the constraints placed by the orchestration of signing Lodgement Instructions upon PEXA users, the Australian Registrars Working Group recently agreed that only the Responsible Subscriber need sign Lodgement Instructions.  As part of PEXA Release 7.0 (Nov 2017), and in conjunction with each jurisdictional Land Registry as they are required to make the reciprocating software change at their end, a change will be implemented so that only the Responsible Subscriber need sign Lodgement Instructions. PEXA Settlement Adjustments Calculator PEXA has developed for Practitioners an Adjustments Calculator.   The feature is under trial.  @DougPun will provide more info for you.   ITEM 3:  “Why does the vendor's representative sign the Notice of Acquisition? How can I truly sign that this is correct when cannot verify half the information such as the purchaser's date of birth, future address?” PEXA RESPONSE The business rules surrounding Document data requirements, data validation, digital signing and certification are specified by the jurisdictional Revenue Office / Land Registry that owns the Document.   The business rules for the NOA are defined by the VIC SRO.  PEXA must abide by these rules.   We are constantly working with our jurisdictional colleagues and community members to learn how we can meet statutory requirements while providing the best possible user experience.  Thank you for your feedback.  If you have more questions, please let me know.      George, PEXA  ... View more

Hi Caroline,   Land Use Victoria (LUV) will always send a Registration Confirmation Statement to the PEXA Subscriber receiving CT Control upon registration of a dealing.   As a Panel Lawyer, if your organisation lodges a Mortgage while representing your Panel Master (stand-alone or as part of a ReFI or Transfer) then as the lodging party your organisation will receive CT Control and will receive a  Registration Confirmation Statement.   When you Transfer CT Control to your Panel Master, your Panel Master will receive Registration Confirmation Statement upon registration of the Transfer of CT Control.    But watch this space.  From November 2017, a new feature will be enabled which will allow a Panel Member as Lodging Party to direct CT Control the Panel Master they represent in a given dealing.     So, from November, as a Panel Lawyer, if your organisation lodges a Mortgage while representing your Panel Master (stand-alone or as part of a ReFI or Transfer) then as the lodging party your organisation will be able to direct CT Control to your Panel Master (as part of the Lodgement Instructions for the Case containing the Mortgage).  Your organisations Panel Master will then receive a Registration Confirmation Statement for receipt of CT Control.   Let me know if you need more info.  ... View more

Hi Barry,   Transfer of CT Control will be deployed as promised in PEXA Release 6.1 on July 24, 2017.     In the first iteration (Rls 6.1) a Party in possession of CT Control will be enabled to create a Transfer of CT Control passing CT Control to another PEXA Subscriber.   This is known as the 'Push' model for Transfer of CT Control.   NOTE:  As part of Rsl 6.1 we have also built automation functionality which will allow many hundreds of title references to be uploaded and automated creation of Transfer of CT Control.      Approximately 6 weeks thereafter (Sept 2017)  PEXA will release the 'Pull' model for Transfer of CT Control.  In this model a Panel Member may request CT Control be passed to it by its' Panel Master.   Once again the automation feature will allow upload of many hundreds of title references and auto creation of transfer of CT Control.   In November 2017, as part of Rls 7.0, Land VIC will make a number of updates also.    Allow a Panel Member to direct CT Control to a represented Panel Master via Issuing Instructions in the Lodgement Instructions.   (For example, when a Panel Member is acting in the role of Incoming Mortgagee for a Panel Master, the Panel Member may direct CT Control to the Panel Master as part of the Mortgage lodgement case, as opposed to completing a separate lodgement to Transfer CT Control). Remove the requirement for a Participant in possession of  CT Control to Nominate a Title to an electronic Lodgement Case.    ... View more

Hi Richard, There are two components to dealing with trustees in QLD.  1.  Trustees coming off title In short, this functionality is planned to be implemented this year.  QLD SRO are confirming when they will be able to accept Party Capacity values (Trustee) as part of Stamp Duty Verification. 2.  Trustees coming on title QLD legislation requires that supporting evidence (in the form of a Trust Deed) be presented by the transferee as part of lodgement.   PEXA is working with all jurisdictional land registries to enable PEXA lodgements to be completed with supporting documents (PDF format).   Together jurisdictional land registries and PEXA are working to a 100% digital lodgement.      Stay tuned, we will communicate more on this topic when planning is firmed up.    ... View more

Hi PEXA Community.   My name is George.  You may have seen some of my posts on Community.   I am looking forward to Ask us Anything next Monday.    If you have questions about registry instruments, transaction scope, timing for delivery of new instruments, or how PEXA settlements work please feel free direct your question to me.    I look forward to exchanging thoughts and ideas with you all.    George Polus Head of Product Enablement  PEXA.  ... View more