A Transfer of Interest allows an Interest such as a Mortgage or Encumbrance 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. Panel members (practitioners) representing Panel masters (financial institutions) have access to this document in the role of Mortgagee on Title. Note: In PEXA, the Mortgagee on Title needs to be invited into the Workspace to create and sign the Transfer of Interest document.
Encumbrancee on Title—to exercise their right as the current Interest Holder, to transfer their interest to another party.
To process a Transfer of Interest (of Mortgage or Encumbrance), no stamp duty is required.
Representative Role: To deal with and Interest Note: You can create the Workspace in the role of Mortgagee on Title or Encumbrancee on Title if you represent those parties.
Will this transaction involve a Transfer?: Yes Although stamp duty is not required, we advise that you select 'Yes' to Financial Settlement.
Complete the other fields as required.
Review the Land Title.
Create and represent the client as an Interest Holder into the Workspace:
Click Create Party.
Under Representation, select I represent this party.
Under Role, select Interest Holder from the drop-down list.
Complete the Party details and Address fields and then click Save.
If there is another party involved, then invite them in the role of Mortgagee on Title or Encumbrancee on Title now. This allows them to exercise their right as the Interest Holder, to transfer the Interest to another party.
Create a Transfer of Interest document:
Navigate to Documents > Create Document > Transfer of Interest.
Complete the following fields on the Transfer of Interest screen:
Titles Check that all applicable Title is are selected and is correct.
Interest Affected Select the Mortgage or Encumbrance that is being transferred. Note: South Australia doesn’t support lodging multiple Interests in the same Workspace. If you wish to lodge more than one Interests for any type (Mortgage or Encumbrance), please create a separate Transfer Workspace for each Transfer of Interest.
Transferor Details Please ensure that a Future Correspondence Address is added for the Transferor. This is required to progress the Transfer of Interest to a 'Prepared' status.
Tenancy Details Select the Tenancy Type and Party of the new Interest Holder(s). The new interest holder of the interest is populated as the Transferee.
Transferee Details Please ensure that a Future Correspondence Address is added for the Transferee. This is required to progress the Transfer of Interest to a 'Prepared' status.
Consideration Type Select a Consideration type and fill in the subsequent fields.
Save the document.
Sign and lodge the Transfer documents. All parties (in the role of To deal with an Interest, Mortgagee on Title or Encumbrancee on Title) will 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.