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.
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.
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
Select the Action cog for the vendor/s, and make the selection of "I represent this party"
Enter the necessary details and 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.