Transfer without monetary consideration NSW, without Court Order

[Emma_SCLC]

I apologise if this has already been answered elsewhere.

For a NSW property.

Can I use PEXA for a transfer of property from one sibling to another, with no monetary consideration, and no Court order?

So I would be acting for the transferor and transferee, and there is no financial institution involved. Only stamp duty to be paid?

I know this requires a valuation.

Thank you

[SahebaKaur · Accepted solution]

Hi @Emma_SCLC
You can certainly do this transaction on PEXA. 

When you create the Transfer document, you select the category as 'without monetary consideration and change in manner of holding'. 

You will then need to enter the valuation of the Property as this is a related party transfer. 

Hope this helps. 

Regards, 

Sabby 

[emilykychow]

I am in a similar situation and NSW LRS suggested that I hand lodge a hard copy Transfer without Monetary Consideration 01TWC. Why? Is it hard to do a gifting of property through PEXA? And would it make any difference if I do a usual Transfer of Land 01T through PEXA even though there is no monetary consideration? Market value will be inserted as consideration in both scenarios, right?

[peterarnott]

Market value would not be the Consideration at all.

There would be no consideration.

Need a valuation to assess stamp duty