Thanks to ongoing feedback from our members, PEXA is able to provide tips in the platform to help our QLD members.
Here are some of our newest top tips for managing your workspace:-
When a Proprietor on Title or Incoming Proprietor is “as Trustee”:
Proprietor on Title:
The Trust Name for the Proprietor on Title in the Participants screen must exactly match OSR QLD’s records.
It also needs to be correctly updated before the Incoming Proprietor’s representative can attend to stamping. PEXA has now included a pop up to remind the parties:
**Member Tip: Some of our members recommend referring to the OSR Qld Land Tax search to review the Trust Name.
Incoming Proprietor:
When you have an Incoming Proprietor purchasing “as Trustee”, you do not insert the details of the Trust in the Participant screen. You only complete the Trustee details.
Always complete the details of the Trust in the Transfer in the Documents screen. PEXA has added a banner in the Participant screen to support members:
You can see more information about QLD Transfers when “as Trustee” here.
Workspace Creation – Request land title data:
When you create a workspace, you can choose to pull the land title data into the workspace later if you know there are going to be changes to the title prior to settlement/lodgement.
Request land title data “Now” is automatically selected and should only be changed to “Later” in some circumstances (eg. If the title is subject to a subdivision, if the title is subject to a Record of Death etc.).
Form 24B:
When you are representing a Proprietor on Title, their street address must be inserted into the Transfer in the Documents screen before the Form 24B can move to “Prepared”.
The Incoming Proprietor’s representative cannot attend to stamping until the Sellers’ address has been inserted in the Transfer, as it is a mandatory OSR field.
To support our members, PEXA has inserted a banner in the documents screen:
Total Funds Required to Settle:
Prompt completion of the Total Funds Required to Settle field helps the Financial Institutions prepare for settlement.
To meet the Transfer Guidelines, we strongly recommend completing the Total Funds Required to Settle as early as possible and to support our busy members, PEXA has included a pop up reminder:
You can review the Transfer Guidelines here for more information.
You can also review the Bank’s Transfer Checklists here.
Duty Verification & Lodgement Instructions:
After the first successful Stamp Duty Verification comes through in Transfer Duty screen, the Incoming Proprietor representative must return to the Documents screen to check if Lodgement Instructions are in preparation and edit/save if needed:-
You can find more information about QLD stamping here.
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