transfer of land to a beneficiary - duty form

[SARSIM0003]

The SRO website and help desk advise that when transferring land to a beneficiary under a Will (where the transfer is exactly as stated in the Will) there is no requirement to complete a duties form if you lodge in paper over the counter, as it falls under the memorandum of understanding between SRO and titles office in Victoria. 

However, Pexa have advised that the SRO mandates that anyone who uses Pexa for such a transfer must fill in a duties online form  (even though the same is not required when lodging by paper). 

This seems absurd, the electronic platform is supposed to make everything more streamlined and remove unnecessary form filling however, in this scenario we have to go through the process of completing a form (and having it signed by all parties) that was not previously required.  

I wonder if this has been acknowledged as an issue by Pexa and SRO and if there is any plan to remove the requirement for a duties online form when  transferring land to a beneficiary under a Will in Pexa?

[GeorgePolus]

Hi Sarah,

I agree that when processes between electronic and paper are misaligned the result is frustration and confusion. 

Unfortunately, the rule that PEXA must observe is that all Transfer of Land Transactions, including Transfer to Beneficiary in Accordance with the terms of the will, must be assessed via DOL. 

I will take up the issue you identified with the relevant parties.   I will write back to you with the outcome. 

If you have more questions please contact me @GeorgePolus at any time. 

Regards

George

[lyndelb]

Hi there, just wondering are you @SARSIM0003  dealing with a transfer to a single beneficiary, where there is only one beneficiary in the Will?  

We've been speaking with Pexa, TO & SRO and have been advised that we now need to do a transfer from the legal personal representatives to all beneficiaries before then transferring to a single beneficiary, that there is no way to do a directional transfer as you could on paper.

[SARSIM0003]

Hi Lyndel, 

The only dealings we have done on Pexa so far have been from LPR to specific a single beneficiary of a Will.  We have not yet encountered the situation you described but I think we may have one coming up shortly.

[SARSIM0003]

Hi George, 

Just wondering if there has been any update on this. are we still required to fill in the duties form and are there any plans to remove this requirement?

thanks

sarah

[GeorgePolus]

Hi

No update as yet on this issue. 

I can say that we PEXA, LUV and SRO are all working together to streamline processes in out road map to 100% digital.   

The issue you raise is on the agenda. 

Regards

George 

[cstewart]

Hi George, further to below chain, I act for an Executor who is the sole beneficiary, so about to complete two workspace activities:

(1) Transmission and then

(2). Transfer to Beneficiary (subject to completing DOL form as additional requirement in PEXA as below).

Any further updates on this being streamlined?

Thank you in anticipation

[GeorgePolus]

Hi Cathy

There are two activities in progress.

1.  SRO is working on streamlining the process to 'Claim' forms against a PEXA transaction. 
   
   This improved capability is targeted by SRO for delivery around May 2019.
   
   
   
2. PEXA and LUV are working on how to enable dealings in combination in VIC.
   
   This capability will be available in NSW and SA in Dec 2018 and QLD in Feb 2019.   We are working with LUV to achieve the same as soon as possible. 

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

Regards

George