This program will give you an introduction to PEXA, how it works and how it can help you transform your business processes.
Here you’ll find more than 230 help articles and videos to assist you.
Keep up to date with the latest PEXA product releases, and read up on the property blog.
Trustees can now be transferees in a QLD transfer.
Transferees who will be holding the Title in a capacity of Trustee can now provide Trust Details when processing a Transfer.
Hi there - this is great news. Just a question - wouldn't you create the workspace as an "incoming proprietor" if acting as for the buyer? Thank you.
Whilst either the "Incoming Proprietor" or "Proprietor on Title" may create the Workspace, the description is missing a step, as their is no "Incoming Proprietor" invited to the workspace.
The Incoming Proprietor would likely be the one to create the Transfer and supply the Trust Details.
I will ensure that our guidance notes are updated.
Thank you for picking this up!
Travis Sullivan - PEXA
Hi there - As an Incoming Mortgagee in a transfer scenario.
If the Incoming Proprietor is in the trust capacity, it's great that the Transfer has been updated to process this.
QLD NMF in PEXA has not been updated to accommodate for a "New" trust capacity. I've just noticed this today. Please correct me if I've got this wrong.
In this case we will still not be able to process a transfer for QLD in PEXA where the incoming proprietor is in a "new" trust capacity?
I am trying to create a Transfer in a Qld PEXA Workspace where the three transferees are trustees.
There is no tenancy option for "as trustees" which is what is required on paper titles and as per the Land Titles Practice Manual. There is also no option to record the dealing number where the trust documents have been deposited. As per the Land Titles Practice Manual, transfers without this detail get requisitioned.
I would appreciate advice on how PEXA deals with these issues in Transfers to Trustees.
I wonder if there is some assumption - which the system effectively enforces - that trustees (if more than one) must hold as joint tenants. If I am the principal behind the creation of the trust and decide to appoint and entrust A and B specifically to be trustees, presumably I will want to see title vested in the trust property, in them, as joint tenants. I don't want either A or B to be able to transfer a 1/2 interest to Joe Blow. If one should die, I don't want the 1/2 interest vesting -- upon his or her death in her legal personal resp -- whom I might not even know.
You must be a registered user to add a comment here. If you've already registered, please log in. If you haven't registered yet, please register and log in.