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
Can PEXA handle a transfer from executor to beneficary in Victoria yet where the executor and beneficiary are the same person?
Thanks
Solved! Go to Solution.
on 28-02-2019 09:26 AM
on 28-02-2019 09:26 AM
SolutionYes - 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
on 28-02-2019 04:04 PM
on 28-02-2019 04:04 PM
Solution
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).
on 28-02-2019 09:26 AM
on 28-02-2019 09:26 AM
SolutionYes - 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
on 28-02-2019 04:04 PM
on 28-02-2019 04:04 PM
Solution
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).
on 04-03-2019 08:50 AM
on 04-03-2019 08:50 AM
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.
on 04-03-2019 08:52 AM
on 04-03-2019 08:52 AM
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!
on 04-03-2019 11:18 AM
on 04-03-2019 11:18 AM
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.
on 04-03-2019 11:30 AM - last edited on 04-03-2019 03:04 PM by TJ
on 04-03-2019 03:03 PM
on 04-03-2019 03:03 PM
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.