Overview
Last updated: 18 September 2019
Jurisdiction: VIC
Additional Resources: Help Card
If there is a change in ownership on a property where at least one of the Proprietors on Title remain on title, you can lodge a Part Tenancy Transfer. These steps can also be used for a Wills and Estates matter where the Administrator or Executor is also the beneficiary and therefore will remain on title.
Video
Example:
Bob and Andrew are joint tenants to a property and Bob has agreed to transfer his share to Andrew. Bob and Andrew lodge a Part Tenancy Transfer together to remove Bob’s name from the lease and transfer Bob’s portion of the tenancy to Andrew.
Steps
- Create a Workspace with the following settings:
- Representative Role: Proprietor on Title.
- Financial Settlement required?: Yes
Your workspace MUST contain a financial settlement date/time, even if it is a non-monetary transfer. - Will this transaction involve a Transfer?: Yes
Complete the other fields as required.
- Represent all Proprietors on Title to the Workspace:
- Navigate to Participants
- From the Actions column, select Edit Party next to the vendor you represent.
- Enter the necessary details and click Save.
- If required, invite in other relevant parties. For example the Mortgagee on Title (if applicable).
- Create the Transfer.
- Navigate to Document > Create Document > Transfer:
All Proprietors on Title are listed as Transferors on the Transferor Details panel.
- On the Tenancy Details panel, select the Tenancy type and the Proprietor on Title that will remain on title.
- Complete the Transfer and then Save the changes.
- Edit the Notice of Acquisition and complete the outstanding details and Save.
- Complete Stamp Duty Assessment via Duties on Line
- If you are in possession of the certificate of title, you will need to create and lodge a Nomination. If there is a Mortgagee on Title, ensure you have invited them into the Workspace. This is completed via the Participants screen.
- Edit Lodgement Instructions and Sign all Documents.
- Navigate to the Financial Settlement Schedule and complete the Source and Destination line items as applicable.
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