Transfer of property without actual payment of cash - VIC
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 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 ?