Transfer without monetary consideration

[Crystalcon]

Hi

This is a NSW property transfer

i have a client who is refinancing her loan so that her sister and brother-in-law can come off the title and the property is transferred to her as sole owner.

Can this be done on Pexa and if so what would be the Pexa fees

i will also be acting for both the transferee and transferors

there will be no money being paid other than the stamp duty payable by the transferee on the half share of the property 

thanks

wendy

[TJ]

Hey @Crystalcon,

This does seem like a complicated one but you should still be able to manage it in PEXA.

The fees would be the same; one for each side of the transaction.

Lucky you're in NSW Wendy, not Vic, as the Victorian functionality to complete this type of transaction won't be available there until the next release of PEXA (7.1 in February).

[jlc1]

could you advise how the process would work in this situation.

we wish to register a transfer without monetary consideration pursuant to family court orders but there is refinance involved with the bank.

where is the information entered in regard to the court orders as this would normally be put on the transfer.

thanks Joanne

[JessRiddell]

Hi Joanne,

Did you get a response? Were you able to complete the transaction through PEXA? (pursuant to orders with refinance)

Jess. 

[jlc1]

hi Jess,

no i did not get a response on my question and ended up settling the matter manually

cheers

Joanne

[SahebaKaur]

Hi @jlc1

You can do this on PEXA as we now have the functionality to do 'Part tenancy transfers'. 

You would open a Transfer workspace as per normal  (you will have to select 'Financial Settlement - Yes' as stamp duty is to be paid at settlement).

You can represent both the Transferors for the sale of their shares and the Transferee. 

When creating the Transfer, you can select consideration type as 'without monetary consideration and pursuant to court order'.

You will need a market value for the property in this instance. 

Hope this helps. 

Regards, 

Sabby 

[SahebaKaur]

@jlc1 You can also invite the bank into the same workspace so they can do the refinance. 

[jlc1]

thank you so much for that information, that will definitely help in the future.

Joanne