your release note reads in part as set out below My client is transferring his house in NSW to himself and his wife. (ie to use the release wordings A as sole to A,B as joint tenants can this be done on pexa yet
Below are some common Part Tenancy Transfer scenarios:
A (1/3), B (1/3), C (1/3) as Tenants in Common to B (1/3), C (2/3) as Tenants in Common—SA or NSW
A (1/3), B (1/3), C (1/3) as Tenants in Common to B (3/6), C (3/6) as Tenants in Common—SA or NSW
Unfortunately, the release notes say it cannot accomodate for joint tenancies.
Further, there seems to be great inconsistency between PEXA and LRS.
I’m talking about adding spouse to title (duty exempt) as joint tenants.
The Registrar Generals Guidelines provide that on the transfer form, the transferor is spouse 1 and then transferee is both spouse 1 and 2. As to share being transferred, this is to remain blank and the same for consideration, this is to left blank.
I am told that PEXA requires the transfer of a half share with transferor as spouse 1 and transferee as spouse 2 only. This is not consistent with the General Registrar guidelines.
Additionally, the method of transfer: there is no monetary consideration and this is to be left blank on the transfer as per the RG guidelines. But on PEXA, we are required to select one of the options, none of which will do.
So are we supposed to put consideration of $1? If so. This takes us now to a financial settlement.
i have had to revert to paper.
Still a lot of kinks to iron out, and if I’ve been misinformed, please advise.