All Topics / Help Needed! / Need help!!

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  • Profile photo of sam2011sam2011
    Member
    @sam2011
    Join Date: 2010
    Post Count: 123

    a family member has some legal issues and basically needs to settle on a his ppor in 4 weeks otherwise he will have to pay a penalty. he has asked me to be a trustee (not sure what that means) for his property and basically get a loan to buy it off him so he can fix the place up and put it back on the market next year.

    a couple of questions

    1. what is a trustee, and how am i legally viable? been told that a contract will be drawn up so its clear he will get all profit and loss…is that possible?

    2. will i have to pay capital gains tax after selling next year

    the loan is quite large so want to make sure i am aware of consequences before i do anything

    anything else anyone can think of?

    thank you

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674

    Whatever it is get the paper work and take it to a solicitor and get them to explain all the consequences that you may encounter.

    Before you sign anything !

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