Forum Replies Created
Hi Tim
What about the land? Was it a house and land package or did you build.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Hi, it depends
You could have
ABC Pty Ltd atf ABC Family Trust
ABC Pty Ltd as trustee for the ABC Family Trust
ABC Pty Ltd as trustee under instrument
ABC Pty Ltd (as ABC Pty Ltd is the legal entity that owns the property, although the equitable owner is the trust, however some documents required you to indicate if the company is acting in the position of trustee)
Most of the equitable stuff is moot now for trying to not disclose the trust as the beneficial owner as the trust requires an ABN and the ABN will be "the trustee for the ABC family Trust".
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Careful with setting up trusts online. Many, many people stuff it up. If you don't get it right it is expensive to fix.
We setup companies and trusts constantly but also have the advantage of pulling people's structures apart in civil litigation which really gives you a great insight into what to do and what not to do.
Accountants can set up also, but should not be advising on asset protection and other legal areas as they are not qualified to do so.
I could set one up for you in an hour over the phone, but it wouldn't be the right way to go about it. We would always recommend that you sit down with us and work out your overall structure and plan for how your current needs fit in with that. We would then recommend that you take our structure to your accountant for feedback,
I have a Masters in Law, primarily in tax law and yet still think that you should get the benefit of an accountants perspective on it.
Having a team around you consisting of a property accountant a property lawyer and a great mortgage broker, preferably all of whom are investing themselves is where it is at.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
I am a huge fan of commercial, but only certain types.
AND you need to be able to wear periods without rent, vacancies can be longer in a lot of commercial types.
Rent can be greatly influenced by where we are in the economic cycle also.
Structures will depend on the state and your goals.
Company are not usually good for holding property in.
Trusts are great, discretionary trusts in NSW are not because of no land tax free thresholds.
have fun
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
FYI
3 storey approval for units just went through near the hospital in Greenslopes. Have pre-lodgement about putting another one through this week.
Densities are up.
D
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Half the houses in inner Brisbane would have some level of asbestos in it, the other half used to .
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
We are doing a lot of OTP contracts at present. They are really aimed at protecting the seller.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
I assume the properties are held personally?
You may be able to go the spruiker for various misrepresentations, but if they are not clear cut it can be expensive and if you lose they can go you for costs.
You need to sit down with a lawyer and get them to best extricate you from this situation. They may be able to negotiate an outcome where the properties are sold and you are left with a personal loan that you pay down as an alternative to having the bank take the properties and then go you for the balance. Possible personal bankruptcy issues here, or at best a huge wack to the credit rating.
You are going to have come up with money upfront for the lawyer and put in their trust account would be my guess.
good luck.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Cheers Rob
I can still remember when 405 blocks were hard to sell in some areas.
I think that they offer a great way in to inner city market and no body corporate issues.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Lucky NSW people
In the majority of Council areas in Qld that would be termed a Multiunit dwelling, regardless of the built form. In a unit you would probably be ok, in a house Enforcement Notices, lawyers and town planners will become your friends. Messy and expensive stuff that kills your rental return.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
The Neighbourhood Plan really ramps up the density in some parts of Nundah. Don't rely on the zoning
Also, check out what is happening soon by looking at the City Plan 2012 maps
http://www.brisbanecityplan2012.com.au/cityplanzonemaps.html
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
I had a nervous phone call from one of those not legal h/height ones this week.
It is ramping up if anything.
We have had 4 new show cause or enforcement notices this week from new suburbs,
Rocklea
Eight Mile Plains
Indooroopilly
Wilston
Previously we could pick up a pattern, the suburbs where in the same area or houses built by the same builder or sold by the same marketing company, I can't find anything with these.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
If the wooden boards you refer to are vertical joint boards, then they are a character feature that people pay money for.
If it is wooden cover strips over large flat rectangles than it is probably asbestos.
What area are the houses in, that will make a difference with value
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Hi Swami
Would be either home business or small non residential use currently.
Renting out separately later on, unless you got a commercial zoning, would be a multiunit dwelling.
D
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Hi
Basic overview.
Older properties were not strata titled but were owned by owners corporations, a company that owned the whole property.
To be able to live in an actual lot you buy shares in the company, not the actual lot.
D
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Hi Clintron
It sounds feasible from a planning perspective. It depends on the state you are in, but in QLD for example you can build the house post approval but before plan sealing.
Remember to include infrastructure contributions in your figures, can be up to 28,000 in Qld for a resi lot.
Always better to at least scribble out in writing first who does what, who owns what and how you deal with things that may arise. Make it very comprehensive. Won't stand up in court the way a lawyers joint venture agreement would, but will greatly reduce chances of fighting.
D
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
And all part of the reason that you need to make sure you have
a Great Finance Broker
a Great Accountant
a Great Lawyer
trying to save money by doing part of it yourself or utilising professionals who have not done it themselves can often end up costing you more money.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Hi Terry
I agree with bankruptcy Trustee and also liquidators, they seem to miss a lot and sometimes their understanding of structures is poor. Been a bonus for my clients thus far.
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Hi Richard
If you are in Sydney go see Terry W on here. He has a couple of weeks wait time at present, but well worth the wait.
D
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
Hi
Can work great.
Key things:
1. Unitholders agreement
This deals with the interactions between the parties and how to deal with any issues that may arise. Qutie extensive and because it outlines how things happen in different circumstances it greatly reduces risks of fights.
2. Entites that Hold Units
I would normally draft the unit holders agreeement to preclude the units being held by individuals, units are assets and can therefore be taken by creditors of the individuals, holding the units in a discretionary trust avoids that problem.
Utilise only one for first development and then setup a new one each time. Cheap insurance.
You can also investigate a partnership of entities as opposed to a unit trust. You then just have a partnership or joint venture agreement instead of the unitholders agreement.
Which state the land is in may change things also.
regards
D
RPI | Certus Legal Group / PRO Town Planners
http://www.certuslegal.com.au
Email Me | Phone MeProperty Lawyer & Town Planner
