on 15-03-2018 11:42 AM
Similar questions keep popping up from the network about Market Value on the PEXA platform.
"What is considered sufficient evidence of Market Value?" and "If I don't have a Market Value on hand, what to I do?".
Has anyone experienced this?
20-03-2018 09:30 AM - edited 20-03-2018 09:31 AM
There are a few ways in Victoria:
I think the requirements of the State Revenue Office would be the best guide, as ultimately they will determine how much stamp duty is payable based on their method of determining the current market value of the property.
on 27-04-2018 12:42 PM
I spoke with the State Revenue Office the other day about the requirement in PEXA to input a market value when creating the transfer document.
The scenario I am faced with is a non-complex transfer as devised in a Will (thus a transfer that could be assessed by SRO Duties Online). An Application by Legal Personal Representative has already been lodged so as to amend the title to list our client as the legal personal representative of the Estate. However, when creating the transfer document (to transfer the property from our client as legal personal representative to sole proprietor in accordance with the Will) a market value must be entered, and a value of $0 will not be accepted.
After speaking with the SRO, I was told that the market value as stated on the most recent Council rates notice would be acceptable, however that they could not comment on PEXA's requirements in regards to this matter.
on 27-04-2018 03:41 PM