on 22-06-2018 04:23 PM
on 22-06-2018 04:23 PM
I have a file where one brother is buying out the other brother's half share in a property. The funds for the purchase will be transferred between the brothers. Can this file be done in PEXA? There is no bank involved.
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on 22-06-2018 07:58 PM
on 22-06-2018 07:58 PM
SolutionHi @Elena
Yes it can, if it can be assessed in Duties Online (e.g. no water entitlements or sale of business).
Both brothers need to be represented by a Subscriber (whether that is one Subscriber in the incoming and outgoing roles, or two different Subscribers).
The funds transfer will need to be via a registered source account of a practitioner, if there is no bank involved. So your own trust account, or the PEXA Source Account if you do not operate a trust account.
If you're acting on both sides of the transaction, here's some helpful guidance.
Please let us know if you have further questions.
Ames.
on 22-06-2018 07:58 PM
on 22-06-2018 07:58 PM
SolutionHi @Elena
Yes it can, if it can be assessed in Duties Online (e.g. no water entitlements or sale of business).
Both brothers need to be represented by a Subscriber (whether that is one Subscriber in the incoming and outgoing roles, or two different Subscribers).
The funds transfer will need to be via a registered source account of a practitioner, if there is no bank involved. So your own trust account, or the PEXA Source Account if you do not operate a trust account.
If you're acting on both sides of the transaction, here's some helpful guidance.
Please let us know if you have further questions.
Ames.
on 25-06-2018 09:06 AM
on 25-06-2018 09:06 AM
Thank you Ames. The funds will not be going through our trust account, they will be transferred between themselves. Will this be an issue?
on 25-06-2018 09:23 AM
on 25-06-2018 09:23 AM
Hi @Elena
You’ll need to have sufficient source funds in your trust account to cover stamp duty, PEXA fees and lodgement fees, as these are all paid via PEXA.
Ames
on 25-06-2018 09:27 AM