Trust setup: before or after putting in offer

Discussion in 'Legal Issues' started by mr_alex, 23rd Jan, 2021.

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  1. mr_alex

    mr_alex Well-Known Member

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    I am intending to buy my next rental property in a trust after speaking with my tax agent & lawyer.

    I am just wondering if the trust should get established prior to making an offer on a house, or would it get setup at the same time, so if I already know what the trust name will be, submit an offer using that, if accepted then setup it up?
     
    mr_alex, 23rd Jan, 2021
    #1
  2. Terry_w

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

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    Before ideally as stamp duty and asset protection issues not to mention finance
     
    Terry_w, 23rd Jan, 2021
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  3. Trainee

    Trainee Well-Known Member

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    Who is the trustee and does that exist yet? What advantage is there to NOT set up the trust first?
     
    Trainee, 23rd Jan, 2021
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  4. Terry_w

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

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    what if your offer isn't accepted?

    Might be best to make a verbal offer. then set up once the price is agreed on. The trustee can then enter the contract.
     
    Terry_w, 23rd Jan, 2021
    #4