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My question is whether separate workspaces are required where we are transferring two properties which are both in joint names, in a family law settlement.
Property #1 is the former matrimonial home (“FMH”) which has clear title.
Property #2 is an investment property, which has a mortgage.
The Wife retains the FMH, and the Husband retains the investment property and refinance the mortgage into his sole name.
The Wife is borrowing against the FMH to pay the Husband half of the value of the investment property mortgage.
There are effectively two separate transactions, and both properties are being transferred from joint names into sole names.
Question: do we use two different PEXA workspaces, one for each of the property, or can both transactions be done on the one workspace that already exists?
Please let me Andrew1 know your thoughts. Thank you.
It sounds like this will need to be set up in seperate workspaces which you then link due to the transfer of funds from one party to the other.