Can I Sign Connecticut Assignment of Partnership Interest

Can i document type sign assignment of partnership interest connecticut

hi everyone welcome to our Pekka training webinar on Vik transfers between spouses or domestic partners my name is Megan Tennyson and joining me today is Nancy Chen hi everyone and Aaron Gibbs hi everyone so what's on the program today we have community and pecs are certified we'll take you through the pecs are on screen help and walkthroughs well complete a vic transfer from two registered proprietors to one and we'll do a transfer from one register proprietor to so the opposite situation an important note this webinar assumes you have an understanding of Pixar and SRO duties online and your compliance obligations and due to a large number of attendees it is important we stick to this topic today will take you through community impacts our certified now okay so you just log in through your normal channels and you click on the nine buttons up the top next to your user profile and click on the community icon which would take you through to our community so from here down on the Left menu you can click on paxil webinars and on this screen there's various webinars that are coming up we also have recordings which are recordings of previous webinars ones that you've actually attended or ones that you haven't that you can actually go back and listen to we also have other pages where you can ask a question you can share your experience or you can raise an idea and we also have some blogs with other product releases and other topics for you to have a look at we do have a Help Center and in the Help Center we have different categories you can look at one of the important ones is that downloadable help cards on this page it contains a lot of help cards on various processes from transmissions to part tenancy transfers how you can complete simultaneous settlements just to name a few we also have Pyxis certified Texas certified is a place where it takes you through some modules to get business ready to set up your systems and to show you how to transact in pixxa at the end of every module there is a learning checkpoint that you can complete and if you get them all correct you can get Texas certified so back in our training environment you'll notice on the right hand side we have our help icon if you require assistance with the type of transaction say for example I do a search on KB it it will come up with any information available for caveats and depending on the icon I could select how to create a caveat for all states which will take me back into our community where we have videos and instructions on how to lodge the kv8 interactive walkthroughs and then you can download the actual help card available for it if we go back into our training environment in our help icon on the right again we do have the option to select more walkthroughs where there is an actual walkthrough for a cave yet so it will take us through the transaction live in our training environment so if I select next it will tell me exactly where I need to click in order to proceed if you exit the walkthrough at any point it will come up with a little survey to ask how you found the transaction and you can also put in a request for any future walkthrough as you'd like to see so now we'll go through the scenario so we have a transfer scenario where we're going from two to one transfer so we have Margaret and Maxwell black a joint tenants of 271 Ocean View lane in lon it's a condition of their family law property settlement that Margaret transfers her share of the property to Maxwell so Margaret and Maxwell have authorized you to represent both of them in this transaction and you now need to transfer the property from Margaret and Maxwell as joint tenants to Maxwell as the sole proprietor we'll go back into our training environment now and we'll get that one started so as always the first thing we do is we need to click on the green create new workspace button okay so in the jurisdiction field will select Vic our representative role is always proprietor on title as we represent the registered proprietors the land title reference we put in just the numbers so the volume with a forward slash and then the folio number and we always click validate with this subscriber workspace reference this is your file number or matter number the financial settlement required is yes so for every transfer that you're doing pizza we always say yes to a financial settlement required financial settlement date and you put down a time will this transfer transaction involve a transfer yes of will the request land title data is now and you put in the work group that you want the work space to sit in and you click Save so it's taken us into our workspace summary for this transaction so you'll note our workspace ID our property and our settlement date and time now lodgement and financial settlement bars will give us an indication as we move across in the transaction so we're currently on in preparation as we're just starting out but we need to be sitting on ready ready in order for the transaction to go through at the proposed settlement date and time if you hover over any of these icons it will give you a brief explanation as to what's going through when you're in that status but to get ourselves started we'll go to our land title screen and we'll talk you through that so on the land titles screen and this page basically outlines the title information for that made reference so you'll see that we've got the address the lot number we've got the tenancy so we've got joint tenants and there's got Margaret black and Maxwell black there are no K beds there are no charges the title is currently in paper format and it lists details of the tile activity check that's just been completed which is negative so you'll note on this page the most important bit is that the title is currently paper which means we will have to do a nomination in order for this transaction to go through so if we think of the nomination as your old consent or made available we need the title to be available in order for the transfer to be lodged so this will be very important when we get to the nomination in stage and we'll take you through that shortly so we'll go back up to the top and on our left hand side will go to participants okay so you leave it for this particular matter where kakadu property law but currently there's also unrepresented parties so we represent Margaret and Maxwell so we have to tell the system that we represent these parties so first what we'll do is we'll represent Margaret so we'll click on the action cog at the end of the row and say edit party so up the top we've got the type of representation so we click on I represent this party we scroll down there an individual the name title we will select so in this case we've got ms her name gets populated from the title now we add in her date of birth are they acting as a trustee yes no in this case we'll say no she's not a trustee and we scroll down to phone so we'll just type in the phone number and then we'll scroll dress so in this instance she's living in the property and then she will then be leaving the property so what we have to do is we have to add in the future of gests of where she is going to so we click the blue add address and we'll type in the new address once we've inputted the address we click Save and we scroll back and just confirm all the information that we put in you'll see now that that new address has been added in and then we click Save so now you'll notice underneath Kakadu property law we now represent Margaret black we'll just go through and update Maxwell blacks details as well so we'll click the COG on the right-hand side and we'll edit party and we'll just go through this quite quickly as it's the same information we've just done before so name title date of birth no to trustee pop in a phone number it's either phone or email by the way so we don't need to do both if we don't have both and we won't worry about adding another dress for Maxwell because he's currently at 271 Ocean View Lane and he's remaining there so we'll press save at the bottom and you'll note the calculator property law now represent Maxwell and Margaret now because both of these parties are currently registered on title and one of them is remaining on title there's no need to create an incoming role as the system will be able to pick up one of those names to remain on title if we had a mortgage registered on title we would also have to invite that bank into the workspace and depending on what they're doing whether they are just consenting to the transfer or if they are discharging in the mortgage and a new mortgage is being registered over the property depends on what role will invite them into so going to invite participant and take you through both of those situations so if we did have a mortgage ad on title we could type in their name their roll CT controller if they're making the tile available incoming mortgagee if they're a new mortgagee providing new loan funds mortgage on title isn't available in this transaction as there is no mortgage registered on title so the system is already acknowledging that there is no mortgagee on title and therefore the roll is not available if you did have one that role would be available you can invite them in based on that roll they know they're creating a discharge of mortgage and therefore that document will be created if you are only getting them to consent to the transaction and they will be remaining on title then you would invite them in as the Ct controller where all they'll do is a nomination no discharge of mortgage will be created obviously this is different for every situation so make sure you check with your client prior to inviting the bank in in any particular role so in this case we don't have any banks involved in the transaction so we won't be selecting this this is just for demonstration purposes we'll cancel out and we'll head towards our documents where we'll start and creating our transfer so on the document page we click the blue create document button and we'll select transfer all we're doing in this title field is making sure that the correct titles have come into this page which are relevant to the transfer next the transfer roars on title have come through and the addresses have populated what we need to do here is make sure that the correct addresses are in the correct fields for address at time of transfer and future correspondence address for both transfer roles in the tenancy details we select the appropriate tenancy type for your matter in this case because we're transferring the property to one person we will select the tenancy type as sole proprietor you'll note now that the party in the party field it gives you a selection of either one of the registered proprietors and we'll select Maxwell black to be the sole proprietor in the transferee details there is no need to add an address in this section as the addresses of Maxwell are located at the top for the consideration type again we select the appropriate option for the transaction in this case we will select non-monetary this opens up action information so the next question is are the transfer rule and transferee related or associated at the date of the transfer as in this case we'll select yes they are next field we have a market value there are fields for valuation details which you can put in otherwise they are optional the next question we're all transferee is named in the contract you can choose to select yes or no and the last question is are we creating a restrictive covenant yes no in this case we will select no then click Save so now we've created our transfer you can see that on our document screen our lodgement instructions have generated our transfer has generated in a prepared status and our notice of acquisition is still in preparation so any document that is in preparation we need to edit so that we can pick up any extra information that may be missing and then complete document verification which we'll take you through in a minute I'll just go into the cog on the right next to the notice of acquisition and we'll complete the details for that document so we've got the municipality name we'll just enter that anything that's optional you can skip so no need to answer that question all this information is the same as what you would normally do in a notice of acquisition and obviously is dependent on the transaction that you're completing the transferee details relate to the party that will be retaining the property and is for the purposes of land tax so now that we've completed our transferee details we'll just answer the following questions is it a term sale so no for this transaction is a written contract we might say no and data possession so that's the settlement date that we chose or any data possession that they might choose and customer reference is already generated through so I'll press save there and our notice of acquisition has come through as prepared so as we discussed previously the next document that we need to create is the nomination so we click create document select the nomination so we're just making sure that the title details in this title field is the current title that you're actually holding in your hands the next question says where are you authorizing this title to be used and it's this pixel workspace next question is is a title currently paper and we say yes it is because we are holding a paper title and the last question is do you wish to retain electronic control of the title after the transaction so here will just point you to this information point so you select no if you do not want to hold electronic control or you would like a paper title to be issued or you select yes if you want to retain electronic control of the title after lodgement of the documents in this workspace and just please note that if you do select yes a paper title cannot be issued in this case it will select no because we want to get a paper title back and we'll click on save okay today as we go down the list we can see that the nomination has its own lodgement instructions because it has to be lodged separately to the transfer and it's in verifying and now it's tipped over to prepared and it's been successfully verified by the titles office so the next step we have to go to is we have to sign these two documents so we go to the lodgement instructions click on the COG and select sign we come to the document signing page all we want to do at this stage is sign the nomination and the lodgement instructions so we tick the boxes making sure we read the certification to make sure that we actually have retrieved the title and we actually will destroy or make invalid the duplicate title that we are holding and we will click sign documents so now that our nomination is lodged if we just refer fresh the page it should come back as registered perfect all good you'll know that our lodgment instructions are still in preparation so we'll go through and we'll update those now by clicking the COG on the right and selecting edit you'll note the responsible subscriber is the party that is completing the lodging in this transaction so for the purposes today that's calculator property law in our training environment our order of lodgement is to start transfer and we have issuing instructions currently coming back in electronic but we're going to change it to paper as Erin said and we'll press save and now that all of our documents have been edited so that they are no longer in an in preparation status there's triggered lodgement verification which is basically a pre-check of the documents by the Land Registry and it's come back as successful which means if we're happy with those documents we can sign off now if we wanted to but what we'll do is we'll go through and we'll complete our Stamp Duty assessment first and we'll come back and we'll sign when we're ready for the whole transaction to be completed so on our left hand side we'll go across the stamp duty and complete that now so on our stamp duty page you'll note that there are two numbers that you need to collect so it'll be your transfer number and your SRO transaction ID as this is our training environment those numbers aren't accurate but if you need any assistance on how to complete stamp duty you can select the walk me which will give you a pop-up instructions on how to complete it and what information is required from this page we do note that most of these spousal transfer transactions are non dutiable it is our training environment so it does generate through an amount you can disregard this this will be very different in a live transaction so please just ignore the fact that it does save 32,000 but now that we've completed the assessment we'll go across to our settlement page where you'll see the information generate through together with our fees so the next step we have a look at is the adjustments and payments section and we scroll down to the payments and if there is any stamp duty applicable with stamp duty will populate the lodgement fees on the transfer will populate if there are a discharge and/or a mortgage in the workspace this will be included in this total fee once they are created and you'll also see you have a paksa fee here the total of the payments is listed up the top and as this is a training website these figures have been populated so the amount payable in this transaction is thirty two thousand three hundred eighty six dollars and 64 cents so now that we've reviewed our figures and we're happy there's a stamp duty amount lodgement fees apex a fee we know that that's everything that's payable in this transaction so what we're going to do is add some source funds so some funds to cover the transaction so that we can complete it on the proposed settlement date so a greater source funds and we'll select add source on the right hand side you can select whatever category you like and if you do select other you need to put in a description so we might just say transfer funds something along those lines anything you like source account of the kakadu trust account has already come up for us as its generated into the system and we have an amount payable so that's the 32,000 we discussed earlier popping the clients name of whoever's contributing the funds which will show up when your trust authorization record pop in our transaction description which will show up on our trust account statement once the funds have been deducted and all the other fields are optional so you don't need to fill those in if you don't want to and we'll press save so you'll note that our amount is generated through however it's completed as status of not ready yet so if we click on that not ready you'll note we have a verification that is still empty and an authorization so we need to complete both of those steps in order for the funds to be available for the transaction verification can only be completed by those who have authority within their user account so if you don't have the option on the right-hand side to verify funds then you'll have to see if you can get somebody in your accounts Department or somewhere else who has authority so that they can complete the transaction for you so we'll select verify and we're confirming that these funds are cleared and available in a trust account you'll note the status is still not quite ready so if we click on not ready that's because we need to complete our authorization so if we click the COG on the right I have an authorized funds option this is because I'm in an account that has Trust signatory Authority if you are not a trust signer you will not have an authorized funds option and you will not be able to complete this step so when I go into authorized funds it gives me some information about the matter up the top together with my stamp duty lodgement fees and picks or fees that I'm authorizing and the option to sign everything so I can sign my settlement statement I can also sign for my transfer my notice of acquisition and the trust account so you'll note that there's an authority question here making sure that you are happy with the amount being deducted if you want to review any of these documents you can select the view button on the right and it will take you into a view version so we'll go through the transfer which just has the information so transferring from Margaret black and Maxwell black to Maxwell black solely because I'm happy with that I'll go back and I'm going to sign off on everything so we slick sign documents down the bottom and we enter up in so now you'll see that these source funds are ready we'll click on the settlement summary and we'll scroll down the bottom and we'll just confirm that we have actually signed off on the settlement and then we'll head back to the documents page and we'll see here now all the signatures have been completed so we've signed all documents and they were all successful and then we'll go back to our workspace summary page and the most important part is we see the lodgement bar and a financial settlement bar all it ready ready which means that everything's ready to go for settlement on the 28th of March at 12:30 so the second scenario that we're going to show you today is a 1 to 2 transfer Maxwell black is the sole proprietor of 271 Ocean View Lane lon Maxwell wants to transfer half of this share of the property to his new partner Sharon you now need to transfer the property from Maxwell as sole proprietor to Maxwell and Sharon as joint tenants so take you back into our training environment now to complete this transaction so we have pre-prepared a workspace in the interest of time we have already created the workspace in the role of proprietor on title and represented Maxwell black who is currently the register prepare own title so we'll take you through the land title screen now just to review the relevant information so once again we have our property address we have Maxwell black registered on title you can ignore the executor tag this is our training environment so it doesn't actually allow us to change the data in here so just ignore your executor we're just dealing with Maxwell black as a sole proprietor we have no key bits no statutory charges and if there was the mortgage it would appear there as well so in this case we have clear title we also have a paper title so once again relevant when we go to create our nomination and we have a negative tidal activity check so nothing's been registered on title recently and it will continue to check this until our settlement goes through on the proposed settlement date and time so we'll go to our participants now so as mentioned before we have already represented Maxwell in this workspace in the interest of time and what we now need to do is represent the incoming proprietor so Charon as she's not in the system as yet to do that we'll need to go to workspace settings because we can't create her details while we're in the role of proprietor on title in workspace settings you can see role settings they will edit that and we'll select the role but that we're adding so incoming proprietor can change the reference if you wish to we're going to leave it as is I'd roll and make sure that you select save as well to save the change now on saving it is going to take us to the incoming proprietor role view of this workspace if you look where the mouse is currently that is where you can check to see what role you're currently in we'll head into the participant screen next so now that we're in the role of incoming proprietor we can go in and create Sharon's details so we'll go to create party on our right hand side I represent this party and we'll pop insurance details so the same thing that you would do normally I'm just going to fill in all the information that we need this time I might pop in an email address and we'll pop in the details here so once we've completed all the relevant information if we scroll down to the bottom and press save will take us back to our participant screen where we represent both Maxwell black and Sharon Smith next we'll go to our document screen and start preparing our documents so click on the blue credo comment button and we'll create our transfer we'll go through this quite quickly so at the top there ensure that all titles are included in them if you have more than one we do need current and future address of the transfer or select the tenancy type so if Sharon and Maxwell are going to be registered as joint tenants will select joint tenants or tenants in common you'll see as a selection there as well if that's appropriate for your transaction and you can see there we've now select a Sharon and Maxwell to be the joint tenants so under transfer you details it does require us to pop in Sharon Smith some content future address it doesn't ask for maxwell's because his details are already picked up from above so scroll back down pop in the consideration type for this particular scenario I'm going to say non-monetary you will pick what's appropriate for your specific transaction and similarly for the transaction information here select what's appropriate for you we will need to pop in a market value that is a mandatory field answer the rest of the questions we're not creating a restrictive covenant and then we'll save so you note that our transfer has generated and it's in a prepared status so now that that's come through we're going to go in and edit our notice of acquisition as it's still in preparation so once again we'll go through this quite quickly as we have covered it off in the previous scenario so we'll enter our municipality anything that's optional we can skip and just enter the details that are required so just a reminder here that you will need to Ford the notice of acquisition to the authorities after settlement so under transferee details you'll note that we do need to enter a lead customer contact for the State Revenue Office so you select one of the clients who would be the contact person for the revenue office so in this case I might say Maxwell however they are both claiming a principal place of residence for land tax purposes I'm just going to take YES on both of those and we'll just pop in our data possession and I'll press save so at this point you'll see on our screen there the transfer notice of acquisition documents are both in prepared status so because they are now in preparer status we can actually have a think about stamping so you should have your duties form already signed by your clients and we'll go to the stamp duty screen next so you're noted now stamp duty screen it has automatically generated for us as we are in our training environment if you have any questions surrounding completing stamp duty there is a walkthrough available on this page we don't have it in our training environment at the moment but you can click on the orange button at the top where it says walkthrough stamp duty and it will give you instructions on the information you need and how to complete it your into Judy's online State Revenue Office also have some videos available if you do want to follow this they are excellent guides in terms of how to complete your duties form and complete your stamp duty assessment but once the assessment is done in duties online you can click the COG on the right hand side and verify Judy and once that's selected it will bring back a successful amount and a duty amount payable you'll note that as we are in our training environment there is a duty amount payable we understand that with a lot of these transaction types it would be non Judy ball so a nil or zero amount would be payable for the purposes of our training today we are going to leave the stamp duty amount in but you can disregard it and just on that point even if it says M - nil amount payable you still need to assess it in duties online we're going to go into the proprietor on title role next and to do that there are two methods so the first method is to go to workspace settings so we were there just earlier click Edit and then select the role that you want to view so we'll click provider on title and we'll save so by saving it then takes us to the parado and title role there you can see we where the mouse is and we'll show you the second method later so now what we'll need to do is go to the document screen and we looked at the land title screen earlier and it is a paper title which means that we will need to nominate the title in order to convert it to an ECT and also to produce that title for this transaction so we went through the nomination steps before so we'll go through this quite quickly weary author this title to be used as we're settling in this pixel workspace that's where we want it available is the title currently paper yes it is and do we wish to retain ect electronic control of the title after the transaction so in this case maybe Maxwell and Charon are quite happy to have an electronic title so we're going to say yes which means we won't have an option to select a paper title after this and we'll press save down the bottom so domination is now going through the lodgement verification process once the successful result returns then the document will be ready to be signed and there it is as mentioned before the nomination must be lodged prior to the transfer being lodged so we'll scroll down and only tick what we're happy to sign now you can view the document if you wish to but just making sure you are aware of the certification that you're making this so I'm happy to sign that now type in your PIN and lodgement is now taking place you can see on your screen there and we'll just wait for the result to return and there it is registered what we'll do next is look at the lodgement instructions at the top which is the only document in preparation now so that's the only document that needs to be completed we'll edit and scrolling down as you can see where the mouse currently is we cannot enter in any issuing instructions that's because in our nomination earlier we specified that we will be retaining a CT control of the title so that means we cannot entering any issuing instructions in our country's paper title we'll save so documents have successfully verified as you can see there and because they are now successfully verified they are ready to be signed if they have not gone through a verification you cannot sign those documents next we'll have a look at the settlement screen so once again we have our sauce funds which is where our money is coming from we don't currently have anything in that account yet and we have our adjustments and payments which is everything that we need to pay for this transaction if there were any other fees you could also enter them into the ad destination section if you needed to but we have quite a straightforward transactions so all we're paying for is the standard charges lodgement fees our stamp duty and our paksa fees so note we've got our stamp duty here once again we understand it would be a nil transaction amount normally however in our training environment we can not change this we have our lodgement fees and we have to pack so fees as we're in two separate roles for this transaction there are two fees chargeable so that is one for the vendor and one for the purchaser or transferee transferal so now that I've reviewed all that information I'm happy I understand that thirty two thousand four hundred and ninety nine twenty eight is payable you can add source funds from either the incoming proprietor or the proprietor on title role it's completely up to you for our purposes today we're going to say that Sharon's paying for the transaction so she's the incoming proprietor that's where we'll add the funds so we're happy to sign off on everything from the proprietor on title role so you can do this from multiple locations if we wanted a sign from this page we could click the COG in the top right corner and select sign or we could also go back to our documents page on the left and select the actions cog on the right next to any one of the three successful documents and select sign so that takes us through our document Paige as you can see here settlement statement parchment instructions for the transfer and notice of acquisition you can view those documents at any time to make sure you're happy to sign and there it is you can see one or two so that gives you the date and time of when that was signed we'll go into the settlement screen and just a double check as well that that has signed successfully so scrolling down there's our signatory details there perfect so wha we'll need to do next is switch to the incoming proprietor role to finalize this workspace so we'll show you the second way of switching roles so if we go back to our dashboard in the top left hand corner you'll note that we actually have what appears to be two workspaces but is in fact the same workspace just different roles so if we click on the drop down you'll note the workspace ID is exactly the same for both however we have Sharon Smith is the incoming proprietor that's our secondary role so if we click view on the right we can go back into that one where it's telling us we need to accept the settlement date and time so let's click on that one you need to accept the settlement date and time from both roles even if you are acting for both parties so we'll save on that one and we'll go in back into our settlement as we need to add the source funds that weren't in there previously so you'll note thirty-two thousand four hundred ninety nine and twenty eight payable for this transaction so if we click into our source funds we'll go in and we'll add those now so similar to the last scenario that we covered we'll add source select the category you can choose other if you want to type in your own description so in this one we're just going to pick purchasers equity and the monies are going to be coming out of our trust account we'll type in the amount that's coming out our client name and then the transaction description that we want to have appear on our account statement the resurrection also we'll just save now remembering our source funds are a three-step process so firstly to enter in the amount when we're monies are coming from secondly verify and thirdly to authorize so we click on the action cog again and then we're going to verify funds because we've checked our trust account and those funds are created and available and you see our fund starters are still not ready that's because we haven't authorized those funds to be used yet so the trust signer will need to do the step we'll click on the COG and authorize funds so as we're happy with all of our documents and we're happy with all of our funds it's a pretty straightforward transaction we're acting for both sides so there's nothing else that's going to change beyond us we're happy to sign off on everything so our settlement statement confirming the financial information and lodgement instructions our transfer and notice of acquisition and our trust account with the authorization for thirty two thousand four hundred and ninety nine twenty eight once again you can view any of the documents on the right-hand side if you want to review them prior to signing but I'm happy with all of that so I'll sign and enter my pin and if we go back into our source funds you can see the status is now ready keeping in mind if you do how do law authorized ation for trust funds there will be a second signatory required and it will show you a gap here so that you can check it off but we can click on the COG on the right-hand side and view our trust authorization record if you haven't seen this before it may be required for auditing in trust accounting purposes so next time what we can do is show you where you can go to view your financial settlement statement that you've just signed so if you look at the cog up there you do have the option to view your statement well we're going to do next is check that we have signed successfully so we'll go to the settlement summary scroll all the way down and there's us in each other and next we'll have a look at our document screen just to double check that as well and you can see there we've got signatures - off - beautiful and if you click on two of two it does expand and show you who signed and win this is looking great we'll go back to our workspace summary you can see there we are at ready ready status beautiful thanks for everybody who joined us today we are opening up the floor to Q&A so we'll take the opportunity to answer some of those live as well as in the Q&A box the questions come through regarding the use of a trust account and what do you do if you don't have a trust account you do have the option to use the pizza sauce account if you do not operate a trust account at all this will already be set up within your pecks a profile and is only available from the incoming proprietor role if you require more information about this there is information available on our community of regarding the pizza sauce account it can be quite helpful a couple of other questions that we've had come through what do you enter as the market value this field is completely up to you as to what information you enter you may have some sort of valuation completed for the property sometimes it's in relation to consent orders but the field is mandatory so if you do select a non-monetary transfer you do have to enter in information into the market value field all right thanks guys we're going to take this up if you need to answer any questions within the Q&A box in writing so feel free to ask them through the Q&A box if you have any more otherwise thank you very much for joining us today thanks everyone