Family Trust and Superannuaition

[goolwaconveyancing]

I could do more Settlements on PEXA if we could put in "with no survivorship" as a manner of holding.

All transactions where the purchaser is a family trust or a self managed superannuation fund - we are unable to settle on PEXA because it does not allow this manner of holding land - these are no more difficult than Joint Tenants or Tenants in Common 

[Ames · Accepted solution]

Hi @goolwaconveyancing

With no survivorship is not currently in scope for PEXA. though it is something we contemplate incorporating in future.

Transaction scope has initially been designed to cater for the common, standard combinations of transactions, such as straightforward residential transfers. We do intend to gradually expand scope, both in terms of titles in scope for lodgement and transactions able to be carried out on those titles.

This particular enhancement isn't scheduled for any of the upcoming releases in PEXA but we will be sure to keep you updated in relation to changes in South Australia.

Ames

[goolwaconveyancing]

Thanks Ames,

I suppose we all learn to walk before we run, and we are being helped to walk by the wonderful PEXA staff.  I pity those who dont take up PEXA now, as our Land Registries will all force us to PEXA eventually - and they will have so many options, without their "walking helpers"

Hopefully it will be an upgrade often as family trust and self managed superannuation are big clients

Kind regards

Michelle

[goolwaconveyancing]

I am really looking forward to an update in South Australia  to allow for Trusts ..  "not suitable for electronic conveyancing - Title has a tenancy of With no Survivorship". 

Our system in SA is different to Eastern States we do not put in "Application for Survivorship" it is reflected in the tenancy - and Conveyancer is responsible for checking trust.  - A recent Division of 12 blocks to settle on 28/3 - new titles created - but all are disqualified from PEXA.

Hopefully Pexa will address this issue soon ?

[GeorgePolus · Accepted solution]

Hi Michelle,

I have what I hope is good news for you. 

Transfer With No Survivorship, including the ability to nominate the minimum threshold of trustees, will be implemented for SA in May 2018 as part of PEXA R8.

Both SA Land Registry and PEXA have built the requisite capability to handle this scenario.

Please let me @GeorgePolus know if you have more  questions.

Regards

George