one entity and two roles - estate transfers

[louiseduncan]

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

Thanks

[Karolidis_and_Co · Accepted solution]

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

[DandyCandy · Accepted solution]

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).  

[louiseduncan]

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. 

[louiseduncan]

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!

[cstewart]

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.   

[louiseduncan]

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.

[TJ]

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  just keep an eye out - you want to type it in as the body.