Family Law NSW transfer without monetary consideration where parties are joint tenancts
We were told by PEXA that as at 16 August 2019 family law matters with Transfers without monetary consideration where i.e. husband and wife are listed as joint tenants on the Title and are transferring Title to one of the parties' sole name, cannot be completed via PEXA and to conduct settlement "on the papers".
Prior to this we were told PEXA had a 'work-around' with the OSR but after completing a what was a simple transfer and ended up being complicated getting Transfer stamped exempt from stamp duty via PEXA, we were told that PEXA will no longer, at this time, conduct joint tenant transfers without stamp duty transferring from 2 parties to 1.
This is very frustrating and I gather the banks aren't going to be too happy to attend "paper" settlements.