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.
Review the Land Title. Note: Multiple titles can be added to the Workspace to transfer the mortgage or annuity across the titles.
Represent the participants:
Invite the Interest Holder into the Workspace by clicking Invite Participant.
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.
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 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.
Save the document.
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.
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.