Transfer of Interest (NSW) | Help Centre

[Saysa]

First published: 13 September 2021
Jurisdiction: NSW
Additional Resources: Help Card

Overview

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A Transfer of Interest allows an Interest such as a Mortgage or Annuity Charge to be transferred from one interest holder to another.

Note: PEXA currently does not support the transfer of dutiable interest in NSW. Therefore, a transfer of interest for a lease or sub-leases is not supported as they require duty assessment.

The Transfer of Interest document can be created by participants in the following roles:

• Mortgagee on Title—if you are transferring a Mortgage.
• To Deal with an Interest—if you are transferring an Annuity OR if you represent the party receiving the Interest (this role is not available to Principal FIs).

To process a Transfer of Interest (of Mortgage or Annuity Charge), you are not required to complete a Notice of Sale.

Steps

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1. Create a Workspace with the following settings:
   • Transaction Type: Other Transfer > Transfer of Interest
   • Jurisdiction: NSW
   • Representative Role: To deal with and Interest or Mortgagee on Title
   • Will this transaction involve a Transfer?: Yes

   Complete the other fields as required.
   Note: If the Workspace will not have have a financial settlement date and time, the party representing the Mortgagee on Title will need to wait for the To Deal with an Interest role to create the Workspace.

2. Review the Land Title.
   Note: Multiple titles can be added to the Workspace to transfer the mortgage or annuity across the titles.
3. Represent the participants:
   1. Invite the Interest Holder into the Workspace by clicking Invite Participant.
   2. Represent the Mortgagee on Title or Interest Holder on Title by selecting Edit beside the unrepresented party.
      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 titles can be added to the Workspace to transfer the mortgage or annuity across the titles.
        
        
      • 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.
        
   3. Save the document.
5. Sign the Transfer documents.
   The parties in the role of Mortgagee on Title and To deal with an Interest both need to sign the documents.
6. If applicable, prepare and sign the financial settlement.
   If there is no financial settlement, then sign the documents. The responsible subscriber will need to submit the documents for lodgement.

Related Topics

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• Transfer Help Centre Articles