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Transfer of Interest—Mortgage or Annuity Charge (VIC)

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  • Transfer of Interest—Mortgage or Annuity Charge (V...
Transfer of Interest—Mortgage or Annuity Charge (VIC)
Category:
  • Transfers
Saysa
Moderator Saysa Moderator
Moderator
‎17-05-2018 09:59 AM
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Overview


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.

The Transfer of Interest document 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.
    Note: In PEXA, the Mortgagee on Title needs to be invited into the Workspace to create and sign the Transfer of Interest document.

To process a Transfer of Interest (of Mortgage or Annuity Charge), you are not required to complete a Notice of Acquisition, Duty assessment, Stamp Duty verification, or SRO Compliance Data information.

 

Steps


  1. Create a Workspace with the following settings:
    • Jurisdiction: VIC
    • Representative Role: To deal with and Interest
    • Will this transaction involve a Transfer?: Yes

    Complete the other fields as required.

  2. Review the Land Title.
  3. Invite and represent the client as an Interest Holder into the Workspace.
    Note: Ensure that the party is invited in the role of Mortgagee on Title. This allows the Mortgagee on Title to exercise their right as the Interest Holder, to transfer the Interest to another party.
  4. Create a Transfer of Interest document:
    1. Navigate to Documents > Create Document > Transfer of Interest.
    2. Complete the following fields on the Transfer of Interest screen: 
      • 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 the Tenancy Type and Party.
        The new interest holder of the interest is populated as the Transferee. 

      • Consideration Type
        Select a Consideration type and fill in the subsequent fields.
        Tfr_ofInterest.png
    3. 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 and lodge the Transfer documents.
    The parties in the role of Mortgagee on Title and To deal with an Interest both need to sign the documents.
  7. 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.

  

Related Topics


  • Transfer by Third Party (VIC)
  • Transfer Help Centre Articles

 

VIC transfer of interest final v2.pdf ‏376 KB
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3 Comments
AtticusFinch
AtticusFinch
‎22-06-2018 02:57 PM
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Hi Saysa

 

Further to the above topic, is it possible for a third party who expects to receive funds at settlement to be added to the workspace in order to have visibility to the transaction?

For example, if a third party obtains a freezing order against a vendor in respect to payment of funds at settlement, how does that third party's lawyer ensure that the funds are paid at the time of settlement.

 

Thanks in advance

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Saysa
Moderator Saysa Moderator
‎22-06-2018 05:06 PM
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Hi @AtticusFinch,

Currently, only subscribers who have been invited into the Workspace with a Workspace role will have visibility to the Workspace. 

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SharronKardinaal
SharronKardinaal
‎30-09-2018 03:09 PM
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Hi PEXA, 

 

Unfortunately my transfer of interest and following your instructions does not work. 

I have a mortgage on title in the name of A & B jointly mortgaged.  I act for both mortgagees on title and will be transferring interest B to A so that only A remains as the mortgagee on title.  

 

My specific issues with the workspace are that when I go to create the transfer of interest, I get stopped at Tenancy Details and there is no party there. 

 

I then added A as a Transferee party, it doesn't show up.  

I then added the actual registered proprietor, it doesn't show up (and wrong party anyway),

 

Could you please provide details of how two mortgagees on title transfer one of the interests to the other in PEXA?  

 

 

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