Hi,
We have a matter where the Vendor (trust) and Purchaser (individuals) are related parties.
The Vendor trust wishes to transfer the property to the individual purchasers and a Contract of Sale has been prepared for sale of property at market value.
The Purchaser is prepared to pay the full stamp duty and is not seeking any exemption.
The Issue:
- The Contract of Sale provides a market price. For the purposes of this discussion only, $1M.
- The Purchaser's funds are currently locked in a term deposit and the preference is that this transaction is settled without actual movement of cash from the Purchaser to the Vendor. The Vendor is fine with this.
Question - How do we effect the mechanical transaction on PEXA for transfer of the property from Vendor to Purchaser for $1M, but without the need to have funds in the trust account or actual movement of cash from the Purchaser to the Vendor ?
Cheers,
DAN
