Part Tenancy Transfer (NSW) | Help Centre

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Overview

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Last updated: 18 September 2019

Jurisdiction: NSW

Additional Resources: Help Card

PEXA now supports the ability to process a Part Tenancy Transfer for properties in NSW.

A Part Tenancy Transfer is used where there is a change in tenancy where at least one Proprietor on Title is remaining on title.

The transacting Proprietor on Title (transferor):

• Is in a Tenant in Common or Sole Proprietor ownership, and
• Is transferring their ownership (part or whole) to:
  • An Incoming Proprietor currently not on title, or
  • A Proprietor on Title who is already on title.
  
  Note: If a Proprietor on Title is a acquiring an additional share of the title, you won’t need to re-create them as an incoming party, but they must be represented in the Workspace.

If you're representing the Proprietor on Title, you only need to represent your transacting client. Otherwise please see the following link for a NSW transfer representing the Proprietor on Title.

Steps

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1. Create a Workspace with the role of Proprietor on Title with the following settings:
   • Financial settlement required? = Yes
   • Will this transaction involve a Transfer? = Yes
2. Review the Land Title.
   • Check that the tenancy type is Tenant in Common.
3. Represent the Proprietors on Title relinquishing their share of the title:
   
   1. From the Actions column, select Edit Party next to the party you represent.
   2. Select I represent this party and complete the remaining details for the party.
   3. Click Save.
      Repeat Step 3 for any other parties that you represent.
   
   
4. Add or represent parties acquiring a share of the title (transferees):
   • If a Proprietor on Title is a transferee in this transaction, then represent them:
     1. From the Actions column, select Edit Party next to the party you represent.
     2. Select I represent this party.
     3. Complete the remaining details for the party and then click Save.
     4. Continue to edit other parties that you represent.
   • If there is an incoming participant, then do one of the following:
     • If you don't represent the Incoming Proprietor:
       1. Click Invite Participant and invite the representative into the Workspace.
       2. Wait for them to create and represent the Incoming Proprietor.
     • If you represent the Incoming Proprietor, then navigate to Workspace Settings and add the role of Incoming Proprietor:
       1. Select Role Settings > Edit.
       2. Select Incoming Proprietor and then click Add Role.
       3. Click Save.
       4. Navigate to the Participants screen and select Create Party to represent the Incoming Proprietor.
5. Create a Transfer document:
   1. Navigate to Documents > Create Document > Transfer.
   2. Complete the following fields on the Transfer screen:
      • Part Tenancy Details
        Select Yes to Is a Proprietor on Title staying on the Title?
        
        
      • Transferors
        1. Select the Proprietor on Title who is transferring their share.
        2. Click Add Transferor.
        3. For each Party, enter the share details. You may enter a part or a whole portion of the share in the Share being transferred column.
           
           
      • Transferees
        1. Check the Tenancy Type.
        2. Under Party, select the transferee acquiring the share and enter their share details.
           Tip: Existing Proprietors on Title have the words 'Proprietor on Title' appended to their names.
        3. If required, click Add Transferee to define more transferees and their share details.
           Note: Only parties who are represented are selectable in the Party drop-down list.
           
           
      • Transferee Details
        Please ensure that a Future Correspondence Address is added for the Transferee. This is required to progress the Transfer of Interest to a 'Prepared' status.
        
        
      • Consideration Type
        Select a Consideration type and fill in the relevant fields.
        
        
      • Transaction Information
        Complete the Transaction Information.
        
        
        
        
   3. Save the document.
      
      
6. Edit the Notice of Sale:
   
   1. Complete the details and then click Save.
7. Create the Consent.
   Notes:
   • If you hold a paper certificate of title, you will need to complete Consent using the normal Consent process.
   • If there is a mortgage registered on title, you will need to invite the Consentor to complete the Consent. This is completed via the Participants screen.
8. View the documents:
   
   1. Click View for each document.
      Notes:
      • Select View if no changes are required.
      • Select Edit to update any of the details in the document.
9. Sign the documents:
   
   1. From the Actions column, select Sign associated with the Transfer document.
      Notes:
      • Ensure to sign the Transfer, Notice of Sale, and Lodgement Instructions.
      • If you are representing the Proprietor on Title and Incoming Proprietor, you will need to sign the Transfer in both roles.
10. Complete the Financial Settlement:
    
    1. Navigate to the Settlement screen.
    2. Add Destination and Source line items, as applicable.
    3. Select Sign > Financial Settlement Schedule.
    
    For Source Funds:
    1. From the Actions column, select Verify Funds.
    2. From the Actions column, select Authorise to authorise the Trust Account payment.
       Note: If you are representing both the Proprietor on Title and Incoming Proprietor, you will need to sign the Financial Settlement Schedule in both roles.

Related Topics

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• Transfer Help Center Articles
• Part Tenancy Transfer (VIC)
• Part Tenancy Transfer (SA)