on 26-07-2019 10:37 AM
We have a family law property transfer whereby registered proprietors A & B are to transfer the whole of the property to B with B receiving stamp duty exemption.
B's incoming mortgagee requires mother to go on title for 20% share so we need a 2nd transfer from B to mother for 20% share with mother paying stamp duty on 20% value.
Can Pexa support this transaction and, if so, how.
on 26-07-2019 02:21 PM
Hi Gina, I did this exact thing today! You set up the 2 transfers in the one workspace and in the first transfer screen you are asked if any of the parties are remaining on the title - tick yes. Then select the party who is transferring their share to the remaining party. When creating the 2nd transfer you do the same, but there will only be 1 reg proprietor remaining and therefore you enter in the share that they are transferring to the mother being 20%. You will need to enter the mother as a incoming proprietor before doing this obviously. Give it a go, its not too difficult once you get into it. Happy to help if you have any further questions, Emma - Nankivell Conveyancing
on 31-07-2019 03:41 PM
If both A and B are on title, and only A is being removed could you do the following:
Participants - A and B as registered proprietor, C as incoming proprietor.
Create transfer - Is a Proprietor on Title staying on the Title? Yes
Please select the Transferor that is Transferring their share: A
Transferee [Italicised names are parties that will remain on Title, and are not included as Transferees - B] C
Consideration type - Without monetary consideration
.. and everything else as per usual.
When processing transfer duty, you will still need to obtain a purchaser declaration for B and C, however the value of stamp duty will be the 20% (as B's share would be exempt).
That way, the entire transaction occurs at once thus satisfying the requirement of the mortgagee who presumably requires C on title at settlement (and not post-settlement).