Hi Everyone,
I’ve found myself a C/F IP – HOW EXCITING!!!!! My only dilema is that I am seeing a recommended accountant later this month who specialises in trusts etc as I’m not currently set up with one. Can a property be purchased in your own name then transferred to the trust or do I have to wait to set up the trust before making an offer? Also, what long is the process of setting up a trust etc?
TaBe very careful. Depending on what state you are in, if you nominate a trust after signing a contract, you may be charged stamp duty twice. A trust can be setup in 5 min, waiting to see the accountant is the long part. Try and get in there early.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Maria,
When a trust is set up it is a separate entity and as such when a property in your name is transferred to a trust this constitutes a transaction which attracts stamp duty, so if at all possible purchase through the trust initially.
Best wishes
pr
Thanks Guys. Very valuable ifnormation
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