on 10-10-2018 01:29 PM
I am acting for a Vendor who is selling a rural property that has two titles. Each title is going to a different Purchaser. As the sales are interdependent on each other we are using the one Workspace. Accordingly, there will be 2 Transfers. i.e. A to B (one title) and A to C (the other title).
What will be the PEXA fee charged to the Vendor?
on 10-10-2018 03:29 PM
Given the unique purchasers of each CT (and potential for multiple practitioners and incoming mortgagee's as well), I would prefer to see this one done as two workspaces but linked for settlement.
This would maintain relationship of the transactions whilst maintaining purchaser independence and more straight forward FSS.
(Happy to be challenged and proven wrong though!)
on 10-10-2018 04:13 PM
Hi Morri, as i understand PEXA you can only do simultaneous settlements using 2 different workspaces if you act for the Vendor in the preceding workspace and act for the Purchaser in the trailing workspace. I act for the Vendor who is selling the one property (which has 2 separate titles) via 2 Contracts to 2 different Purchasers (using 1 practitioner and 1 incoming mortgagee) and there is only one Mortgage to be discharged. I received previous advice from PEXA that settlement would have to be done in one workspace with 2 Transfers. I am just trying to figure out the PEXA fees.
on 10-10-2018 04:21 PM
That sounds perfectly reasonable in that context. Thanks for the update and teaching me something!
From a fee perspective I would say it is 2x the transfer fee of $112.64.
The multiple title fee of $129.03 only applies to titles on the same instrument so given you have two transfers, I would say two fees.