Last updated: 05 September 2019 Jurisdiction: VIC Additional Resources: Help Card
A Transfer of Interest allows an Interest such as a Mortgage or Annuity Charge to be transferred from one interest holder to another.
TheTransfer of Interestdocument can be created by participants in the following roles:
To deal with an Interest—by Representative Subscribers or Principal Non-FIs—to represent the incoming Interest Holder.
Mortgagee on Title—by Panel Members—to exercise their right as the current Interest Holder, to transfer their Interest to another party. Panel members (practitioners) representing Panel masters (financial institutions) have access to this document in the role of Mortgagee on Title. Note: In PEXA, theMortgagee on Titleneeds to be invited into the Workspace to create and sign theTransfer of Interestdocument.
To process aTransfer of Interest (of MortgageorAnnuity Charge), you arenot requiredto complete a Notice of Acquisition, Duty assessment, Stamp Duty verification, or SRO Compliance Data information.
Representative Role: To deal with and Interest or Mortgagee on Title
Will this transaction involve a Transfer?: Yes
Complete the other fields as required.
Review the Land Title.
Invite and represent the client as an Interest Holder into the Workspace. Note: Ensure that the party is invited in the role ofMortgagee on Title. This allows theMortgagee on Titleto exercise their right as the Interest Holder, to transfer the Interest to another party.
Create aTransfer of Interestdocument:
Navigate toDocuments > Create Document > Transfer of Interest.
Complete the following fields on theTransfer of Interestscreen:
Titles Check that the Title is correct.
Interest Affected Select the Mortgage or Annuity Charge to which the interest holder is transferring. Note: Multiple interests of the same interest type can be transferred in the same Transfer.
Tenancy Details Select theTenancy TypeandParty. The new interest holder of the interest is populated as theTransferee.
Consideration Type Select aConsideration type and fill in the subsequent fields.
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 and lodge the Transfer documents. The parties in the role ofMortgagee on TitleandTo deal with an Interest both need to sign the documents.
If applicable, prepare and sign the financial settlement. If there is no financial settlement, then sign the documents and the responsible subscriber will need to submit the documents for lodgement.