- amazon196969Participant@amazon196969Join Date: 2004Post Count: 15My situation is this…
I was trustee of a discretionary trust which purchased several properties, I personally injected money and time without payment for time or reimbursment for most of money I injected. Suddenly I am removed as trustee, I was left with several loans in my name from these properties which I tried to carry for 10 months or so until the other party of the trust (the administrator) refinanced 3 of these properties for his benefit, at the same time had ownership of these placed into another trust, I assume he is the administrator! I was very releaved to have these mortgages lifted from me naturally! Before the properties were transfered into the other trust he had one friend take over as administrator of the old trust I was trustee for.
I have been waiting for the new administrator to sign over the other property (I am still paying mortgage for) promised to me for 18 months now. the original administrator is still the spokesman or boss if you like and the newer administrator is not clued up with investing or business etc so takes orders from him..
My question is this…
If I am to put caveats on these properties (one of which is currently up for sale) what sort of a chance would I have giving the change of ownership and the sly way this man has changed administrators etc…and still playing games with my head!!!
As things are I can't go forward with any investing, things are looking extremely grimm!! Should I also mention that the house I am promised is where my 2 boys and I are currently living, I am half expecting them to evict me from here as they have those rights!!
I am in an extremely issolated area of Aust so I have no legals or accountants close by for advice, mmm or the finances to afford to fight this…this is why I am here!!!
Thanks for your ears or should I say your eyes!!!XeniaMember@xeniaJoin Date: 2002Post Count: 1,231
The trustee is there to take the blame not to recieve money! That;s why people use companies as trustees because they are disposable. Why would you have agreed to be a trustee on a trust?
Not sure how caveats will go, you need to have an "interest" in the properties, ie a second mortgage secured against the title. I know that RE agents often get themselves into alot of trouble becasue they attempt to place caveats on properties for commissions owning to them by vendors. The courts see the owing commissions as a breach of contract not an interest in the property. Your situation may be the same???
You need to get some legal advice!amazon196969Participant@amazon196969Join Date: 2004Post Count: 15Thanks for your input Xenia
I actually went in very blind and naive to trust structures and how they opperate I also had a man behind me whom I thought I could trust of whom obviously took total advantage of me and my trust for him, hense the reason I was trustee! This man made me believe he could be removed quite simply as principal and for him to remove me as trustee would be difficult as I found out later to be totally untrue!
While I don't have a second mortgage over these properties these loans were held in my name as trustee for and made majority of the payments through my bank account.
As I stand now one property I still pay the mortgage for and another I no longer pay mortgage have my name on the land titles, but as the trust are owners of these I have no rights to sell nor to have any income these may produce.
I have just been sent a deed from their legal reps for me to sign to agree to make no claims for what I'm owed from them in the future but only then after I sign one of these properties over to them and the deed will they sign the property over I am in, and I can tell you it's the worst property out of the lot, and the location is not much better
thanks again for your eyes and thoughts!!!raddlesMember@raddlesJoin Date: 2006Post Count: 187
I think you do need to get some legal advice too
The community legal service where I live (Toowoomba) used to have solicitors who would fly out to visit isolated parties and would also conduct interviews with people via video conference facilities. Is there any way you can see if those sort of facilities are available to you?
If you Caveat a property – you can potentially end up in the Supreme Court – having to justify your interest in the land. It does sound as if you may have some equitable interest in the land – but that really does need to be worked through properly. You do need some advice on the Deed you are being required to sign – as you could be denying yourself some important rights.