on 07-06-2019 10:53 AM
Husband and wife hold property interest as joint tenants. Pursuant to binding financial agreement, husband is transferring his interest to the wife. Refinance also involved.
Can this be completed via PEXA? If so, what consideration type should be used?
Thank you in advance.
on 11-07-2019 09:52 AM
Would love to know the answer to this as well.
We have this situation pop up every month and currently have to effect them manually because it doesn't appear to fit under any of the categories of a transfer without monetary consideration. I spoke with someone at LRS about this this morning and he said that he believes that transfers without monetary consideration might still not be mandated to go through PEXA so is possible for manual lodgement.
Someone created a really good guide on transfer types under the PEXA scope but that was before the 1 July 2019 deadline. Wonder if this has been updated.
on 11-07-2019 11:09 AM
We did not receive a response from PEXA, however LRS advised us that in circumstances where there is a transfer pursuant to a BFA, the consideration type should be: "without monetary consideration and a change in manner of holding". We were able to process successfully via PEXA.
on 11-07-2019 11:19 AM
That is good to hear! I'm going to follow up with our team about that, might save us a bit of a hassle in the future.