http://www.gatherumgoss.com

Terryw
Discover Home Loans
North Sydney
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Briz

Did you know it is possible to split a discretionary trust into two identical trusts each holding one property? And it may be possible to do without major stamp duty implications and no CGT.

Speak to a good lawyer. For a cost of maybe $1000 you could save a fortune.

Terryw
Discover Home Loans
North Sydney
[email protected]

If your option contract allows it, you maybe able to assign the option to the new purchaser.

Terryw
Discover Home Loans
North Sydney
[email protected]

Dazzling

For what its worth, i recall from my studies that contracts do not have to be in writing to be enforceable, except those contracts dealing in land – ie. sale of land, mortgages, and tenancy. Therefore if there is no written contract, then there is no contract.

So I think you need to quickly take the matter to court, get teh court order, then get the sherrif etc to remove her. But as you know this would likely take a few months.

Maybe you could sue her for loss of rent if this causes the new lease to fall over.

Terryw
Discover Home Loans
North Sydney
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Interesting Milly

I had some clients about a year ago, 3 of them who owned a property jointly in a trust – or at least they thought they did. Their solicitor made an error and the title was registered in their names instead of the corporate trustee. They had no idea and had been doing their tax returns etc as if the trust owned the property.

Terryw
Discover Home Loans
North Sydney
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Yes Michael is right. It is not likely that anyone would be able to get a property that doubles in 12months within this climate. I actually thought of another one after I posted. 2 of the clients were in smaller country areas -mining towns, but the third client did it in Sydney, a few years ago, by buying a housing commission house (where she was the only bidder at the auction). A cheap reno and a bit over a year later, it sold for nearly double.

Terryw
Discover Home Loans
North Sydney
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Hi MattR

My understanding is the titles have to be changed to the new trustee’s name, but there is only a nominal fee at the State Revenue office to do this as the beneficial owners remain the same.

ps where are you studying law?

Terryw
Discover Home Loans
North Sydney
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Dan

LVR in both your original scenarios would be the same – I think you realised this.

And I agree with Richard’s approach. Maybe you could take ANZ’s standard rate for the new loan and get the offset account on that one. You could also approach them about switching over the original one too and maybe going onto their professional package.

Terryw
Discover Home Loans
North Sydney
[email protected]

Hi Bruce

I found your original post confusing.

One the one hand you are saying trusts are not really necessary, then you go on to talk about ASIC and director’s duties.

My point was if you did hold you assets in a trust (done properly) and you were pursued and bankrupted (by ASIC or anyone else), then your assets held in trust would have been safe. Even if you were in the wrong and deserved it.

Just think of two recent public cases with the directors of HIH and that liberal politician in VIC going bankrupt after a clash with ASIC.

Its true what you say about being sued. You could liquidate some assets held in a trust to pay your costs, or you could just keep those assets there and declare yourself bankrupt. With a trust you would have the choice of whether and how much you would pay, without you may be forced to give up the lot.

Terryw
Discover Home Loans
North Sydney
[email protected]