Transfer by Third Party (VIC) | Help Centre

[Saysa]

Last updated: 05 September 2019
Jurisdiction: VIC
Additional Resources: Help Card

Overview

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A Transfer by Third Party (also known as a Transfer by Mortgagee) is a Transfer document type where the Registered 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 of Mortgage 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 a Transfer by Third Party, you are required to complete the following:

• Notice of Acquisition
• Stamp Duty verification
• Financial settlement

Note: A new role of To deal with an Interest has been created to allow subscribers to participate in PEXA where they are representing a party that is an interest of an Annuity Charge.

Steps

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1. Create a Workspace 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.
2. Review the Land Title.
3. Invite and represent Parties in the 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.
4. Create a Transfer by Third Party document:
   1. Navigate to Documents > Create Document > Transfer by Third Party.
   2. Complete the following fields on the Transfer by Third Party screen: 
      • 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 the Tenancy Type and Party.
        The Incoming Proprietor party(s) are populated as the Transferee. 
        
        
      • Gross Consideration Type
        Select a Consideration type and fill in the subsequent fields.
        
        
        
   3. Complete all other fields as required.
   4. Save the document.
5. If you hold a duplicate certificate of title, prepare the Nomination now, otherwise skip this step:
   • On the Document screen select Create Document>Nomination
   • Complete the details and select Save. 
   • View, Sign and Submit in 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.

6. Sign the documents.
7. Complete and sign the Financial Settlement Schedule.

Related Topics

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• Transfer of Interest—Mortgage or Annuity Charge (VIC)
• Create a Nomination - (VIC)
• Transfer Help Centre Articles

[cstewart]

Hi,

I am representing a Mortgagee on Title however, I could not see the "Transfer by Third Party" option in the drop down menu for Create Document.  This morning, the incoming proprietor representative has created a transfer and NOA, and now I can't even get access to the document.

I have followed the Transfer by Third Party (Vic) help card Version 2.

What am I missing?

Thank you.

[cstewart]

I have now obtained a resolution to this question 

[cstewart]

Hi Saysa,

I am currently effecting a Transfer by Third Party in the capacity of panel lawyer for Mortgagee Bank in possession.

It would be beneficial if the Help Card above is amended, as I have discovered that as my Role is Mortgagee on Title, I cannot create the transfer document.  The Support Team have confirmed that the Incoming Proprietor is the only party that can create the transfer document.

That amendment will save a lot of time for subsequent users of the Quick Reference Guide.

My question is however, the tasks include a "Create discharge of Mortgage", and this document was not required in the paper world, as upon lodgement of a T3 by the mortgagee in possession, the mortgage discharged automatically.

Could you please advise?  Thank you in anticipation

[Saysa]

Hi @cstewart,

Thank you for your post. I've checked this with others and you can create a Third Party Transfer document with the role of Mortgagee on Title, however, all parties need to be represented before you can actually create the Transfer by TP document. I've updated the help article to reflect this.

As for your second question, you're right - the Discharge of Mortgage document isn't required in a Transfer by Third Party document. We'll look at having this fixed in a future release. Thanks for bringing this to our attention!

Thanks,

Saysa