In a complex property transaction involving multiple caveats and easements, the settlement is delayed due to title issues discovered during the electronic lodgment process. Who is typically responsible for resolving registration delays in PEXA when the delay is caused by incorrect vendor documentation?
Correct Answer
C) The vendor's representative, who must correct the vendor's documents
When settlement delays in PEXA are caused by incorrect or incomplete vendor documentation, the vendor's legal representative is responsible for rectifying these issues to ensure the transaction can complete, as they have the obligation to provide good title.
Why This Is the Correct Answer
The vendor's side prepares and signs the vendor's documents, such as the transfer. If those documents are wrong, only the vendor's representative can correct them so settlement and registration can proceed.
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In a PEXA electronic settlement, what happens if there is a discrepancy in the settlement figures between the purchaser's and vendor's solicitors just before the scheduled settlement time?