Hi guys,
hoping someone can shed some light – I have been asked by an interstate investor to sit on a block for them and buy it on there behalf. I said I would research what the implications of doing that would be and if in fact I could do it legally. Not really sure how to go about it but would like more info. Has anyone out there done this? Can it be done? I’m in W.A. and this person is prepared to pay me a fee for this…what do you think I should charge (plane fare perhaps)? Any ideas would be appreciated.
thanx in anticipation
SQ[blink]
hi suzieq
it a risk for profit if no profit then don’t do it.
sorry to be hard but business is hard.
what if you don’t get the property are they still will to pay your expenses.
what you are asking from my understanding is bird dogging and althou I like it as it shows enterprise few here have my view.
good luck and pm me as you can do the same for me.here to help
R u kidding or what – what is stopping them buying it, fear, money, ?????
What about stamp duty
If they change their mind then what
What if the market changes
If it’s so good why not do it yourselfresi
Ask them to give you power of attorney so you can sign on their behalf.
Terryw
Discover Home Loans
Parramatta
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Resi, I have already done it myself and am liking the results but this person from the east wants in on the action as well – he can see the growth already but time off work/travel/accomm all prevents him from “Camping Out”.
gross & terry,
Thanks for your replies, food for thought!
sq
hi suzieq
interested in what you are camping out for I am from the east as well but it depends the return.
I like the power of attorney but would need to get an indication of return.
again its cost for profit nobody can be everywhere and you need what I call foot soldiers they are very useful.
pm me if you wishhere to help
Hi Suzieq – to clearify my previous post – i would be very weary of signing on anothers behalf from a possible litigation point of view.
This is not black and white so my suggestion is to seek quality legal advise. I have solicators in all states of Australia with a range of talents, if u need my help let me know.
Resiwealth – knowledge is the key to success
Hi suzieq
Does this person want you to sign the contract in your name?
My wife and I have lined up a few times to purchase blocks of land for a friend. All we had to do was to put his details on the contract and the land vendor posted / faxed him the contract. He would then return contract with deposit. Although some vendors might require a deposit on the day. Nothing a phone call won’t fix.
All you would require is to aggree to some sort of fee for your time.
Regards
Regrow
You are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.
I bought a development site 1300m/2 in Gladesville in 1998 while i was on holiday in NZ with my kids.
I gave one of my solicators (god father to 2nd daughter) a power of atorney and set the price range.
We bought the property then had a huge 2 year challege with the Hunters Hill council to get it rezoned, isn’t developing wonderful – not always.
resiwealth
Thanks everyone for your replies, I am still doing my research on this one, but I am very keen to do this. Will let you know how I go.
sq
Hey Regrow,
I asked the Land Vendor today if I could represent someone from the east and fill out all their details, even give a deposit and they fax the contract to the buyer. He wasn’t very helpful – said NO!
Thinking of signing as me and/or nominee him but need to find out if I can remove myself from the contract at any time before settlement and how?! I may even get him to fax me a Stat Dec stating that he agrees that I be removed from the O&A prior to or at settlement. Its a tricky one, maybe Power of Attorney is the way to go – How much does that cost and is it easy to arrange in a hurry?
thanx SQ
Hi suzieq
I am lining up again to purchase a block for my friend but this time he has written out a parragraph stating “Joe Bloggs Pty Ltd has certified me to sign on the behalf of Joe Bloggs Pty Ltd for purchase of a block in the release XXXXXX, so my signature will be legally binding for Joe Bloggs Pty Ltd”
Regards
Regrow
You are a fool for 5 seconds if you ask a question, but a fool for life if you don’t.
hi suzieq
Not sure of the price of the land or if the investor will pay but you can organise a company with you as share holder out of vic and purchase a discreationary trust under it and purchase the land in the companies name then sell your share in the company to the investor at the amount that he was going to pay you.
You will need an accountant in wa to set up and I don’t know one over there
Needs to be a vic company as there you can change share holders with limited costs nut it out with a trust person in wa maybe cata or coastymike might have someone over there.
Problem is the security for the investor as you will own the company and he/she will have to put the purchase money into this company and they don’t have any security unless they caveat lend on one of your properties.
Not as easy as it seems at first glance.
financefriend may also be able to help pm himhere to help
Hi grossrealisation,
Just wondering what is a vic company? If you create a company with discretionary trust underneath, isn’t will have complication with beneficiaries in the deed? will it cause the creation of new trust from law point of view? as you change the ownership of the trust and reflectively change beneficiaries, appointor.
Still learning
Happy_Dragon
A simple act is worth ten thousand times of a decision to to act.
Hi there,
One of the major rules of becoming rich was to avoid this, sign documents for someone else.
And one of the other rules of becoming rich was:
Never put your name down when purchasing such assets, which is what he is doing.Really interesting but.
Cheers,
Serkan
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