There are often things that can be done.

I have numerous contracts that we are doing the conveyance on at present where my client (the buyer) could terminate up to the moment of settlement.  These are usually due to the seller's agent or seller's solicitor stuffing up.  And even when the agent stuff's up the seller's solicitor should pick it up, often they don't, I assume because a paralegal reads the contract rather than a solicitor.  We use paralegals to do the administrative side, but a solicitor always reads the contract.

Seek legal advice

regards

Hi Michael

Which state.  There are very different systems in each.

Regards

And, especially with the family provision  issues, ends up eating up a large part of the estate in legal fees.

When dealing with property, it has always started with trying to find someone who has some idea about.  Unfortunately not many accountants and lawyers do.  And even when they do, a lot don't advertise the fact, so hard to find out.  Much easier now with most having websites and a lot being on forums etc.

  I always prefer dealing with people who have been there and done it themselves.  

Cheers 

Happy Australia Day to you to

Hi 

Welcome to the forum.  

Look at your structure also and decide whether you are comfortable investing in your own name.  Don't just consider  now, but also consider future options.

Not a Melbournite but looking forward to see what you decide on, please share here when you buy.

regards

D

Hi Breece

I am a big believer in using professionals, but not blindly.  It helps to try and understand something about the area if possible, if not seek advice from different people and weigh it up.

One good thing about using a professional, is that if there is a bad stuff up, their professional insurance may give you some recourse, if you do it all yourself, you have nothing.

D

Hi Neil

I have a new planner starting on Tuesday that is ex sunshine coast council and she is going to be doing all our SC work.  I will run it past her.

The problem in Qld is that the definition of a house changes once you rent to different people.  The grammar is somewhat wrong but the Supreme Court has supported it.

If a group of people come together to rent off a landlord that is normally a house, if the individuals or groups are discrete individuals or groups then the use is no longer that of a house.  Separate leases are evidence of the individuals or groups being "discrete", as is not sharing common household expenses like electricity, water and gas.

If the local council has a specific zoning for it, or a specific part of their planning scheme which allows it, then that is ok.   There is also a chance that a local council tolerates the practice by not enforcing it, but that does still not make it a legal use.  

Brisbane City Council it is outright no go and they are currently sending enforcement notices to property owners, they have done internet searches of rental ads to find these properties.  They appear to be doing it by suburb at the moment.

If you are in another council area and it does not have a specific code allowing it, I would not be buying a property based on the ability to rent separately, if it still adds up as renting to one group then well and good.  Your council could stay with not enforcing it for ever, or they could hit you with enforcement notices requiring you to stop renting to separate parties.

Hi Neil

Depends on the Council area

In Brisbane, be very careful on how this is structured.  It will most likely breach the house code and Council are cracking down on this.

Hi

Sounds like you are talking about unpaid present entitlements.  Chat to Terry W about that and estates, can be tricky.

regards

Hi WUM

A company would not be able to take advantage of the 50% CGT discount on properties held for longer than 12 months.

A trust with a company as trustee would.

A unit trust if structured correctly would have a land tax free threshold in NSW

A discretionary trust and a unit trust has a land tax free threshold in Qld

A unit trust is not protected from the creditors of an individual unit holder.

You may be able to transfer units into super later on

A discretionary trust is protected from the creditors of beneficiaries

All of the above only works if structured right.

Setting an entire structure up with the ability to add and remove components where you need to is ideal