I am just completing a Standalone Transfer on PEXA and am frustrated by the fees.
The situation is a transfer by an executor of the estate to herself as beneficiary, where the title currently shows:
The executor as to 4/5th share in her capacity as executor; and
The executor as to 1/5th share in her capacity as beneficiary.
Effectively, the client inherited 1/5th of the property as beneficiary and then bought the other 4/5th from the estate. The payments have already been made outside PEXA.
Because the client is both incoming and outgoing proprietor, we are being charged:
PEXA fee as outgoing proprietor of $112.64;
PEXA fee as incoming proprietor of $112.64; and
Registration fee of $141.60.
So instead of sending the standalone transfer to LPI and being charged about $175 including agency fees, my client is now up for a total of $366.88.
Frankly, I love the PEXA platform for convenience and do believe it is the future BUT I am particularly annoyed at this charge. If it is a glitch in the system, PEXA please fix it to be more reasonable (like lodgements on Transmission Applications). If it is deliberate, then that is ridiculous and not acceptable!
We appreciate your frustration. We're still in the process of completing the 'related party' instrument (currently only available in VIC) so you've set-up the transaction correctly. Until the 'related party' instrument is available we will refund one of the transfer fees. Please contact your PEXA Direct Specialist to arrange refund.