This article presumes a general understanding of PEXA Workspaces, roles, and how to navigate in PEXA. If you do not have this background knowledge, we recommend you step through the PEXA Certified content available in the Community Transacting in PEXA
This article will give you a general overview of how to complete a transfer when there are two or more proprietors on title and one proprietor is being taken off the title and at least one remaining on title. A common example of this, is the family law scenario, where both husband and wife are proprietors of a property and one party is transferring their interest to the other pursuant to a property settlement.
Please note, you should contact your Land Registry and Office of State Revenue for questions around specific scenarios.
Margaret and Maxwell Black are Joint Tenants of 271 Ocean View Lane, Byron Bay/Port Douglas/Broome/Brighton.
A condition of their family law property settlement is that Maxwell transfers his interest in the property to Margaret. Margaret and Maxwell have authorised you to represent both of them in this transaction.
Create the Workspace in the role of Proprietor on Title and include a settlement date and time.
IMPORTANT: Even in scenarios where there is no monetary consideration, there still needs to be a financial settlement in PEXA for a related party transfer to account for Lodgement Fees, PEXA Fees, Duty and any other items, like your professional fees.
Check the Land Titles screen to ensure you have entered in the correct land title reference.
On the Participants screen confirm you represent both Margaret and Maxwell. Select the Action Cog next to each party, select Edit Party and complete the details.
If you are not representing both parties, invite the other Representative into the Workspace by clicking on the Invite Participant button. Sending or Accepting Invitations.
If there is a mortgage registered on title, you may need to invite the Mortgagee on Title into the Workspace. Follow the same steps as above.
If Margaret is signing a new mortgage, you will need to invite the Incoming Mortgagee (Bank who is providing the funds) into the Workspace as the Incoming Mortgagee. Follow the same steps as above.
If you are representing Margaret (the Proprietor remaining on title), you will need to create her in an additional role of Incoming Proprietor. To do this go to Workspace Settings >Edit Role Settings and add in the role of Incoming Proprietor.
For more information on acting in multiple roles, see the following Community articles:
Once you have added in the role of Incoming Proprietor, go to the Participants screen, select Create Party and add in the details of the party remaining on title. You can now complete the steps as the Incoming Proprietor.
Navigate to the Documents screen and create the Transfer Document.
Check the following:
Consideration Type: Ensure you select the correct Consideration Type (monetary or non-monetary.
Transaction Information – confirm the parties are related or associated at the date of the Transfer and then enter in the Market Value (mandatory) and Valuer Details as applicable.
Complete the remaining details and select Save.
Edit and complete any supporting Documents (NSW only).
Complete your stamp duty assessment and enter the relevant details into your PEXA Workspace. Stamp Duty in PEXA
NOTE: Stamp/Transfer duty must be eligible for self-assessment in the online duties system in order for the transfer to settle electronically. Check with your State Revenue Office for eligibility criteria.
NOTE: In NSW, if the title is unencumbered, you may need to create the CoRD Holder Consent via the Documents screen. If there is a Mortgagee on Title, they will complete this step. How to create the CoRD Consent.
NOTE: In WA, if the title is unencumbered and your hold a paper title, edit the lodgement instructions and complete the Duplicate Holding Details.Duplicate Holding Details WA
Once your documents have gone through Lodgement Verification the PEXA Fees, (one for each role) and Land Registry Lodgement Fees will populate as Destination line items in the Financial Settlement Schedule.
NOTE: If you are representing the party who is remaining on title, you will need to change roles and sign Documents and the Financial Settlement Schedule as both the Incoming Proprietor and Proprietor on Title individually. Refer to the link above on Acting in Multiple Roles.
Please note, you should contact your Land Registry and Office of State Revenue for questions around specific scenarios. This may vary from jurisdiction to jurisdiction.