Simultaneous Settlement under a Difference Situation
Hi, there. I act for a purchaser who purchased a property off-the-plan from a vendor who is not the developer. The vendor purchased the property a year ago from the developer and later sold it to my client with the developer's consent. Both the settlement between the developer and the vendor and the settlement between the vendor and my client will take place simultaneously. As the "Proprietor on Title" up to the time of settlement (even after the plan of subdivision is registered) is still the developer and not the vendor, can this matter be settled simultaneously and linked to the settlement between the developer and the vendor? If it is doable, what capacity under which should I invite the vendor to join the PEXA Workspace since the vendor is not yet "Proprietor on Title" until settlement?
Re: Simultaneous Settlement under a Difference Situation
Hi, I completed a similar transaction recently - basically a "transfer by direction" in paper terms. The workspace will have one proprietor on title and two incoming proprietors. Two transfers need to be prepared, one from proprietor on title (developer) to first incoming proprietor (vendor) and one from first incoming proprietor (vendor) to second incoming proprietor (purchaser). Each transfer is completed with the appropriate details, and duty is assessed separately by the respective incoming proprietor reps . In my transaction I was the first incoming proprietor and invited both the proprietor on title and the second incoming proprietor, but you shouldn't have a problem inviting the proprietor on title and other incoming proprietor in their respective roles. There was a help topic in community about this subject but I can't remember the title. Hope this helps.