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Buy IP in name of a family trust.

Discussion in 'The Buying & Selling Process' started by melbourne171, 20th Sep, 2016.

  1. melbourne171

    melbourne171 Well-Known Member

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    Hi everyone
    I have also purchased an IP in Brisbane using company name as trustee for family trust. The buyer name in the contract is ABC Pty Ltd as trustee for XYZ Trust. I am completing the transfer form. However, the conveyancer puts the name in transfer form as ABC Pty Ltd ACN xxxxx as trustee . The trust name does not appear in the transfer form.

    In Victoria, it requires to lodge another form called “Notice of Trust Acquisition of an interest in land” to SRO office. What are the similar form in Queensland?
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    @RPI Will know.

    Dont forget a trust is not a legal entity so cannot buy anything.
     
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  3. melbourne171

    melbourne171 Well-Known Member

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    Hi Terry
    Thanks for reply.
    Solicitor requires original certified copy of trust deed to lodged with the transfer form. I am not sure if it must be an original hard copy or certified true copy by justice of the peace, commissioner for declarations or Australian lawyer.
     
    Last edited: 20th Sep, 2016
  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    It would need to be a hard copy certified as a true copy of the original - under certain people can cerfify which may differ from state to state but would be lawyers and JPs etc. Don't give hte original as it will be lost.
     
  5. melbourne171

    melbourne171 Well-Known Member

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    Thanks Terry.
     
  6. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Interestingly QLD allows trusts to be registered on title:

    LAND TITLE ACT 1994 - SECT 109
    109 How interest as trustee may be registered
    109 A person may be registered as trustee of an interest in a lot only by the registration of—

    (a) an instrument transferring the interest to, or creating the interest in favour of, the person as trustee; or(b) a request to vest the interest in the person as trustee.
     
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  7. RPI

    RPI Property Lawyer, Town Planner Business Member

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    There is no requirement to declare trust in QLD but you can.

    If you do you lodge the certified copy.

    After that the title will read

    XYZ Pty Ltd as trustee under instrument 7???????
    if you did a dealing image search on that instrument number it will be a copy of the trust deed
     
  8. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    And then anyone could get a copy of the deed by paying a small fee and they could find out who the beneficiaries are.

    Thanks RPI.
     
  9. melbourne171

    melbourne171 Well-Known Member

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    No more privacy if I lodge a trust :(
     
  10. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    What do you mean by this?