Transmission/transfer pursuant to Deed of Family Arrangement
I am acting for the executor of a deceased estate. The beneficiaries are the executor and his sibling in equal shares. The main asset of the estate is a property. I have been instructed that the beneficiaries have agreed to enter into a deed of family arrangement for one beneficiary to purchase the other beneficiaries share. The beneficiary who is buying the other beneficiaries' share has said that he is wanting the following to occur:
(a) Transmission to him as devisee as to his 50% share pursuant to the will;
(b) Transfer of the remaining 50% share that he is purchasing from his sibling pursuant to the deed of family arrangement so that this share is split equally between him and his wife (i.e 25% to the beneficiary and 25% to his wife).
There will also be an incoming mortgagee as the purchasing beneficiary and his wife are needing to borrow to purchase the 50% share.
Can you please tell me whether this can be done through PEXA and if so how it would be done.