Last updated: 05 September 2019 Jurisdiction: VIC Additional Resources: Help Card
ATransfer by Third Party(also known as aTransfer by Mortgagee) is aTransfer document type where theRegistered Proprietor is not a party to the Transfer. Currently, this document type is limited to parties exercising their power of sale under the interest types ofMortgage or Annuity Charge.
Note: If you are acting for the Incoming Proprietor, then follow the steps in the Transfer Help Card for Representing the Incoming Proprietor.
To process aTransfer by Third Party, you are required to complete the following:
Notice of Acquisition
Stamp Duty verification
Note: A new role ofTo deal with an Interesthas been created to allow subscribers to participate in PEXA where they are representing a party that is an interest of an Annuity Charge.
Create aWorkspace with a financial settlement with the role of either:
Mortgagee on Title—when the power of sale interest is a Mortgage, or
To deal with an Interest—when the power of sale interest is an Annuity Charge.
Review the Land Title.
Invite and representParties inthe Workspace. Note: All parties in the Workspace must be represented. If you don't represent a party, then invite the party's representative into the Workspace.
Create aTransfer by Third Partydocument:
Navigate toDocuments > Create Document > Transfer by Third Party.
Complete the following fields on theTransfer by Third Partyscreen:
Title Check that the Title is correct.
Under what interest is the Third Party exercising their power of sale? Select the Mortgage or Annuity Charge in which the Interest Holder is exercising power of sale.
Tenancy Details Select theTenancy TypeandParty. The Incoming Proprietor party(s) are populated as theTransferee.
Gross Consideration Type Select aConsideration type and fill in the subsequent fields.
Complete all other fields as required.
If you hold a duplicate certificate of title, prepare the Nomination now, otherwise skip this step:
On theDocumentscreen select Create Document>Nomination
Complete the details and select Save.
View, Sign and Submitin the usual manner.
Note:If the title is an eCT and you are named as the CT Controller, no Nomination is required.
Note: If a third party (e.g. a bank) holds the duplicate Certificate of Title or is named as the CT Controller of an eCT, you will need to invite them into the Workspace to prepare the Nomination.
Sign the documents.
Complete and sign the Financial Settlement Schedule.