I have attempted to find the answer to this question on other Community threads, to no avail.
I am acting on behalf of 3 Proprietors on Title. A + B hold 7/10 share as Joint Tenants, with C as a Tenant in Common on the remaining 3/10 share. C is now transferring her 3/10 share to A + B (therefore the desired result is C being removed from Title, leaving A + B as the remaining Proprietors on Title as Joint Tenants).
When I attempt to prepare the Transfer as a "Part Tenancy Transfer", I am selecting C as the Proprietor transferring their share. However the dropdown list under Transferees does not give me the option to transfer C's share to A + B (neither A nor B appear as an option in that dropdown list at all).
If I revert to the "old" method of preparing a standard Transfer instead of a Part Tenancy Transfer, it automatically adds A, B + C as the Transferors. If I do it that way, will it be reported to Revenue NSW as A + B "purchasing" 100% of the property, even though they already own 70%? (Because, of course, we should only be paying Stamp Duty on the 30% share being transferred to A + B from C).
Can anyone clarify what it is I am getting wrong with preparing the Transfer?
I have a similar matter that I am trying to prepare now and needs to settle asap for stamp duty purposes.
I have A & B on title as tenants in common in equal shares. (B is a beneficiary from a transmission application that will be lodged simultaneously with this matter)
C (who is the wife of A) is buying out B. The end preferred result is that A & C own the whole property as joint tenants rather than tenants in common. I have been able to prepare a transfer accordingly (i think) however it is coming up as an issue with my stamping.
We have stamped so that C is the liable partying purchasing 50% of the land. We did not add A as a liable party because he is not. Just that C is purchasing 100% of that 50% share. But since Revenue and PEXA 'talk' now it is saying that A needs to be liable and therefore will not be 'successful' in its preparation.