Changing name on contract to a unit trust

We have had accepted an offer on a development site in Queensland. We reside in Western Australia.
Are we able to change the names on a contract for sale that we and our business partners have under offer subject to feasibility study and finance? We have now been advised that it would be better to buy the property under a unit trust as we are buying the land to develop into several units and to allow for issues titles.
Would we have to have sign a deed of recession and a new contract drawn up if the seller allow this ?
Is there any other legal way?? . Our accountant in Perth is very happy to liase with Queensland lawyer.

No need for a recession notice, talk to your solicitor. There's nomination forms and stat decs for chaning names on a contract. It's a fairly simple process.

It also helps if you sign all contracts with a nomanee clause. The name on the contract should be "Joe Blogs and or nominee".

A couple of things:

1. Whether you can simply nominate a unit trust to become the purchaser will depend on whether such a clause exists in the agreement. If there is a nomination clause, then it's a simple process.

2. If there's not, then it might be more difficult. You should check whether there's an assignment clause, that allows you to assign (or transfer) your rights under the agreement to a third party. If there is, then again, it's a simple process. Not sure what the tax implications of this are - there might be stamp duty issues.

3. As you say, the other option is a deed of rescission. Again, not sure of the tax consequences of this, but I suspect there'll be stamp duty issues.

Also, was the unit trust established before the contract was signed? I think (but I'm not sure) that you can only nominate a trust as a buyer if the trust was established prior to the date of signing the contract.

I'd be taking advice on this one...

Good luck

Nominee clauses do not go in Queensland. If you use the nominee clause, you will pay double stamp duty. In Queensland, you are best to sign the contract "Joe Bloggs ATF" and then out can put the name of the trust in later.

You really need to speak to a Queensland lawyer before you go ahead.

A simple assignment letter can be used in Qld but this should have been signed prior to the original Contract being signed.

Otherwise as MRY it is a matter of double duty.