on 30-07-2018 01:46 AM
What is the Pexa fee in respect to a Transfer of Land in Victoria from the current sole registered proprietor of a single title property in his capacity as executor to himself as the sole beneficiary of that property?
07-08-2018 03:00 PM - edited 07-08-2018 03:01 PM
In VIC a Transferor in Capacity as Executor may be identified as being the same Party as the Transferee.
Using this model, the Representative of the transacting Party will be charged only a single PEXA Fee of $112.63 to effect the Transfer from the Executor who is the same person as the beneficiary.
on 29-10-2018 08:22 AM
Hi George, I am transferring from an Executor on Title to themselves in their own right. I am having difficulty in getting the Transfer to Prepared. I have created a second party, being the incoming transferee and therefore have 2 roles. Is this correct, or do I not need to have the second role.
on 29-10-2018 11:20 AM
In VIC, you need not create the IP Party as you may select the Transferor Party as Transferee. In this way PEXA knows to bill your client once for the Transfer.
There is a temporary issue however. If the property will be the PPR, then currently PEXA will prevent selection PPR in the NOA for a Transferor as Executor who is also the Transferee because it is seeing the Transferee as acting in Capacity as Executor (LPR). This issue will be rectified in an upcoming release.
Hence, if your client will be quoting the property as PPR, then you will need to create an IP Party as you have already done. If this is the case, please let me know and I will ensure that you are reimbursed for the incorrect PEXA fee.
Please private message me with the workspace details.