A Transfer is a Land Registry document, when lodged and registered, transfers the proprietorship of a title from the Transferors (Vendors or Sellers) to the Transferees (Purchasers).
A Transfer is created whenever a change to the current proprietorship for a title is required. This may be due to a number of reasons, including:
The sale of a property.
The transfer of ownership of a property without a sale (e.g. the transfer of ownership from a husband to a wife). This is sometimes referred to as a Natural Love and Affection transfer.
A change in the manner of holding for a property e.g. changing the tenancy type from Joint Tenants to Tenants in Common.
A PEXA Workspace must first exist.
All parties to be referenced in the transfer must exist in the Participants screen.
The Transfer document is then created using the Create Document button in the Documents screen.
All details for the selected transfer are entered in the Transfer screen.
Save and Sign.
The parties that are referenced in the Transfer document, Transferors and Transferees, must exist in the workspace prior to the creation of the Transfer.
Transferor: The party relinquishing in a transfer instrument.
Transferees: The party receiving in a transfer instrument.
The details for each party are maintained through the Participants > Party screen, before you create the transfer document.
The tenancy type can be Sole Proprietor, Joint Tenants, or Tenants in Common.
When the tenancy type is Sole Proprietor then the title will be held by a single party (either Individual or Organisation). Only a single party can be included as transferee.
If the tenancy type is Joint Tenants then the title will be held by at least two parties and they will own the title equally.
If the tenancy type is Tenants in Common, then at least two Parties will each hold a share of the title.
More than one transfer can exist in a single lodgement case. Where a land title is present in more than one transfer, the transferees in the predecessor will be the transferors in the successor document. The order for processing Transfers is defined in the lodgement instructions order of lodgement.
AA Apartments are building a block of apartments.
Thomas Larkson signs a contract to purchase an apartment off the plan from AA Apartments.
The block of apartments is completed and the title issued to developer AA Apartments.