A transfer for Love and Affection

[jgusew]

We have a scenario of a transfer of title from just the Husband to the Husband and Wife. Commonly referred to as transfer due to love and affection.

On PEXA I think this would be considered as a Part tenancy transfer - basically a situation of 1 proprietor on title to 2 proprietors on title.  

In relation to the training documentation we can see in this link - Andrew is to become sole proprietor. https://community.pexa.com.au/t5/Help-Centre/Part-Tenancy-Transfers-VIC/ba-p/7311

But for this scenario - Would it make sense to create a Workspace in the role of proprietor on title & link that Workspace to another Workspace in the role of incoming proprietor.

Then in the transfer document list a 1/2 share ratio under the tenancy details section?

Kind Regards, 

[JonTeh · Accepted solution]

Hi @jgusew

Great question, in short you've chosen the correct path.

Here's a table on what type of transfer you can do as a part tenancy transfer in PEXA: (Part Tenancy Transfer Guide)

TRANSFEROR	TRANSFEREE
Party A and Party B (Joint Tenants (JT) or Tenants in Common (TIC))	Party A	i.e. When removing one party from title
Party A and Party B (JT or TiC)	Party A and Party B (to change the manner of holdings)	i.e. When changing the manner of holding from JT to TIC or vice versa

Out of scope

TRANSFEROR	TRANSFEREE
Party A	Party A and Party B as either JT or TIC	i.e. cannot add a party onto the title
Party A and Party B as either JT or TIC	Party A and Party C as either JT or TIC.	i.e. cannot remove one party and add another to the title

As your scenario is out of scope for a Part Tenancy Transfer, you'll need to represent both parties, similar to an unencumbered title transfer:

Guide to representing multiple roles in a workspace (in this instance you'll be representing both the Proprietor on Title and Incoming Proprietors)

You can then create the transfer from the Incoming Proprietor role and set out the tenancy details.

Also note you will need a signed Digital Duties Form and then you'll need to assess Stamp Duty via Duties Online. Assessing Stamp Duty (Vic) guide here

Let us know how you go.

Cheers

Jonathan Teh

PEXA Direct Specialist