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Transferees as Trustees in a Transfer (QLD) | Help Centre

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  • Transferees as Trustees in a Transfer (QLD) | Help...
Transferees as Trustees in a Transfer (QLD) | Help Centre
Category:
  • Transfers
Saysa
Saysa Gold Star Employee
Gold Star Employee
‎17-05-2018 09:58 AM
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Overview


Jurisdiction: QLD

 

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.

 

Steps


  1. Create a Workspace. Depending on your role in the Transfer, you may create it as either: Proprietor on Title, Incoming Proprietor, or Incoming Mortgagee.
  2. Review the Land Title.
  3. Add and represent Parties in the Workspace.
  4. Create a Transfer document:
    Create the transfer as you normally would, in addition, record Details of the Trust.
    1. Navigate to Documents > Create Document.
    2. Complete the following fields on the Transfer screen:
      • Are any proprietor groups in this document acting as Trustee?
        Select Yes.
        Yes indicates that at least one Transferee is to hold the Title in the capacity as Trustee.

      • Proprietor Group
        Select the proprietor group that is to hold the Title in the capacity as Trustee.

      • Trustee Details
        Enter the Trust Details, which include:
        • Trust Name
        • Authority for the Trust (which can be either a Trust Document or Schedule of Trusts)
        • Trust Creation Date
        • Beneficiaries (or charitable purpose for a charitable trust)

         

        trustees_qld01.png
    3. Save the document.
  5. Enter the name of the trust in Form 24A.
    1. Navigate to the Documents screen.
    2. From the Actions column, select Edit next to Form 24 Part A.
    3. Review the Property Details and Transferee Details.
    4. Enter the Name of trust.
      Note: If there are multiple trusts, please separate them by commas. Trust names cannot be identical.
    5. Enter the Date of possession.
    6. Save the changes.
  6. Continue with your usual PEXA transfer and financial settlement preparation.

 

Related Topics


  • Form 24A
  • Transfer Help Centre Articles

 

  • Tags:
  • transferees as trustee
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5 Comments
tanyab
tanyab
‎17-05-2018 04:44 PM
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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.

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TSullivan
TSullivan Star Employee
‎17-05-2018 05:10 PM
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Hi Tanya.

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!

Regards,

Travis Sullivan - PEXA

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Ruby30
Ruby30
‎08-06-2018 04:19 PM
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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?

 

Thank you.

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ReneeD
ReneeD
a week ago
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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.

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KevinJohnson
KevinJohnson
Sunday
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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. 

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