how long to set up & move a property into a trust

Discussion in 'Legal Issues' started by Keentolearn77, 16th Sep, 2017.

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  1. Keentolearn77

    Keentolearn77 Well-Known Member

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    Hi

    Just wondering if one was to move an IP from ones name into a trust.

    How long could it take from engaging a lawyer to draw up the trust paperwork, setup the trust, move (sell) the property from personal names into trust name and pushed through land titles office etc
     
    Keentolearn77, 16th Sep, 2017
    #1
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    How long's a piece of string?

    Need to refinance any loans - how long depends on the bank

    CGT & stamp duty impact?
     
    Scott No Mates, 16th Sep, 2017
    #2
  3. Bonz

    Bonz Well-Known Member

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    How thick is the string and is it in a ball or in a bundle?
     
    Bonz, 16th Sep, 2017
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Will trustee be borrowing?

    From 2 days to 4 weeks. But you should allow for longer.
     
    Terry_w, 16th Sep, 2017
    #4
  5. Keentolearn77

    Keentolearn77 Well-Known Member

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    I guess thats where I'm pretty ignorant and trying to learn...
    If the trustee (trust) can borrow i guess so, waiting on my broker to get back to me with some nuts n bolts
     
    Keentolearn77, 19th Sep, 2017
    #5
  6. urbanista

    urbanista Member

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    What about the stamp duty?
     
    urbanista, 26th Sep, 2017
    #6
  7. Trainee

    Trainee Well-Known Member

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    Thats a weird comment. Do you have a mortgage on the property that you need to pay out? If so, the trust HAS to borrow.
     
    Trainee, 26th Sep, 2017
    #7
  8. Trainee

    Trainee Well-Known Member

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    Full stamp duty, no discounts.
     
    Trainee, 26th Sep, 2017
    #8