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2 weeks ago
I have clients (A and B) that each own 1/2 share in a property. One owner (A) wishes to transfer their 1/2 share to the other owner (B).
If this done as a part tenancy transfer, the transferee shows as B 1/2 share and B 1/2 share (rather than single proprietor).
Is this the correct way or should it be a transfer from A and B of the whole property to B, so that B shows as the single proprietor?
From memory, in this scenario, you would enter the workspace as Proprietor on Title only.
When you create your Transfer document, there should be a drop-down tab with different manners of holding (e.g. tenants in common).
Select "Sole Proprietor" in this drop-down box and then select client (B). Fill in the rest of the transfer as normal.
Not sure if it's different between VIC and NSW though.