Transfer of Interest of an Exchanged Purchaser prior to Completion

[Ritz]

Hi,

I have a client who has exchanged on the purchase of an as yet unregistered block in a new subdivision and is considering assigning or transferring his interest to a new purchaser without having to wait for a simultaneous settlement with the developer.

is there a neat way to do this via PEXA?

Thanks

Ritz. 

[DerekIp]

Dear Ritz,

From your descriptions, the answer is no.

If your client is assigning his purchase interest to a third party, it is either:

a. without the cooperation of the off-plan vendor e.g. by way of a to be stamped on-sale contract or to be eduty stamped deed of assignment, so title would first go to your client (stamp duty paid), then to the third party (stamp duty paid), then on PEXA there will have to be two workspaces one from vendor to your client, and the other from your client to the third party, and they may be financially linked.

b. with the cooperation of the off-plan vendor - e.g. by way of rescission and new contract, or deed of novation, so title would never go to your client (no stamp duty) but directly from the vendor to the third party (stamp duty paid). If so, the vendor would no longer deal with your client, and when settlement is called would invite a workspace between the vendor and the third party for the sale.

Hope that helps.