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one entity and two roles - estate transfers

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  • one entity and two roles - estate transfers

one entity and two roles - estate transfers

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louiseduncan
louiseduncan
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‎27-02-2019 05:03 PM - edited ‎27-02-2019 05:03 PM

‎27-02-2019 05:03 PM - edited ‎27-02-2019 05:03 PM

one entity and two roles - estate transfers

Can PEXA handle a transfer from executor to beneficary in Victoria yet where the executor and beneficiary are the same person?

Thanks

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Karolidis_and_Co
Karolidis_and_Co Community Superuser
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on ‎28-02-2019 09:26 AM

on ‎28-02-2019 09:26 AM

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Re: one entity and two roles - estate transfers

Yes - we've processed a few.

 

From memory I believe you need to create two entities as one is acting in its capacity as executor and the other personally.

 

Regards

Nick

Nick Karolidis
Principal Lawyer & Accountant
Karolidis & Co

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DandyCandy
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on ‎28-02-2019 04:04 PM

on ‎28-02-2019 04:04 PM

Solution

Re: one entity and two roles - estate transfers

Hi @louiseduncan 

 

Yeah, @Karolidis_and_Co  is on the money, you just have to make two parties for the same person. One proprietor on title (in capacity as executor), the other incoming proprietor (personal capacity). Smiley Happy 

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Karolidis_and_Co
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on ‎28-02-2019 09:26 AM

on ‎28-02-2019 09:26 AM

Solution

Re: one entity and two roles - estate transfers

Yes - we've processed a few.

 

From memory I believe you need to create two entities as one is acting in its capacity as executor and the other personally.

 

Regards

Nick

Nick Karolidis
Principal Lawyer & Accountant
Karolidis & Co

View solution in original post

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DandyCandy
DandyCandy
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on ‎28-02-2019 04:04 PM

on ‎28-02-2019 04:04 PM

Solution

Re: one entity and two roles - estate transfers

Hi @louiseduncan 

 

Yeah, @Karolidis_and_Co  is on the money, you just have to make two parties for the same person. One proprietor on title (in capacity as executor), the other incoming proprietor (personal capacity). Smiley Happy 

View solution in original post

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louiseduncan
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on ‎04-03-2019 08:50 AM

on ‎04-03-2019 08:50 AM

Re: one entity and two roles - estate transfers

Thanks for your help.  The last time i needed to do one of these PEXA still couldn't mange it so I will give it a go this way. 

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louiseduncan
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on ‎04-03-2019 08:52 AM

on ‎04-03-2019 08:52 AM

Re: one entity and two roles - estate transfers

Thanks Nick. I will give this a try and see how I go - PEXa couldn't handle this type of transaction when i last had one as they couldn't comprehend one person having two roles!

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cstewart
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on ‎04-03-2019 11:18 AM

on ‎04-03-2019 11:18 AM

Re: one entity and two roles - estate transfers

Hi Louise,  I am interested how you go on the PEXA platform. 

I recently had to do this in a paper format (as the executor purchased the property for real consideration and PPR) and it was refused.  The LTO legal team advised that it was a conflict of interest, and we had to providing supporting evidentiary materials to confirm that the beneficiary under the will (not the executor) had agreed to the transaction.

Therefore, if there are any stamp duty issues, you may need to do on paper.  Otherwise, if it is a devise in the will directly to the same party, it may be OK.   

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louiseduncan
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on ‎04-03-2019 11:30 AM - last edited on ‎04-03-2019 03:04 PM by TJ

on ‎04-03-2019 11:30 AM - last edited on ‎04-03-2019 03:04 PM by TJ

Re: one entity and two roles - estate transfers

Hi @cstewart I will let you know how I go. This transfer is to the beneficiaries as TIC per the will but I do have a few others coming up.

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  • Hi cstewart I will let you know how i go. This transfer is to the beneficiairies as TIC per the will but i do have a few others coming up
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TJ
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on ‎04-03-2019 03:03 PM

on ‎04-03-2019 03:03 PM

Re: one entity and two roles - estate transfers

Hey @louiseduncan ,

It looks like you may have popped your reply in the wrong section - it came up as a tag.

Fixed it for you 051-happy-7.png just keep an eye out - you want to type it in as the body.

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