Buying on Behalf of Someone Else

[WebBoard]

From: Fiona W


My brother has been helping us renovate one of our investment units, and now has the bug!

He is going to live in America for work for the next two years and is actually going to earn a wage for the first time! He is thinking he would like me to buy an investment property here for him, whilst he is OS.

Has anyone done this before? Am I able to do this for him, ie. will we need to arrange a power of attorney so I can sign on his behalf and have access to his bank account?

Merry Christmas!

 

[asy]

Reply: 1
From: Asy .


Fiona,

Well done in introducing your brother to the bug!

You are able to do this for him as long as you do not receive a fee (then you can get into trouble with estate agent legislation).

There are two ways that you could do it:

1: See a solicitor and arrange a power of attorney for the time he is going to be away, if it suits him, he can make it a specific one only with regard to purchasing a property, etc... and not an all encompassing one.

2: You go and do all the legwork for him, and then have the agent fax (or email) the contracts to him, and he can sign them and fax them back. (The originals can follow in the mail, the overnight service to all major cities in the US is only about $30, and actually works!) I have had clients in the US, US, and Saudi Arabia, just to name a few, both vendors and purchasers, and this method has worked for me.

Both ways will work, it's just what you are most comfortable with.

Hope this helps.

asy

There are no problems, only solutions which have not yet been discovered.

 

[WebBoard]

Reply: 2
From: Terry W


Fiona

You need to get him to sign a power of attorney, witnessed by a solicitor. =This should cost much and some solicitors will even do it for free. You the=n need to register this wilth the Land titles if you are going to buy or ae=el property. this costs about $60. And each state is different, so if you g=et one done in NSW doesn't mean it will be acceptable in another state.

You could also open bank accounts for your brother, but I don't know how yo=u would go in meeting the 100 point id check.

regards

Terryw

>>> [email protected] 12/11/01 11:08am >>>
From: "Fiona W" <[email protected]>

My brother has been helping us renovate one of our investment units, and no=w has the bug!

He is going to live in America for work for the next two years and is actua=lly going to earn a wage for the first time! He is thinking he would like =me to buy an investment property here for him, whilst he is OS.

Has anyone done this before? Am I able to do this for him, ie. will we nee=d to arrange a power of attorney so I can sign on his behalf and have acces=s to his bank account?

Merry Christmas!



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[michaelg]

Reply: 3
From: Michael G


Fiona,

As for the fee Asy mentioned.... if you brother did decide to pay you for your time, what if we were joint owners, with yourself taking a 2-5% stake in the property which you get cashed out immediately upon settlement?

This wouldnt be so much a fee, rather a payout of capital.

Just a thought.
Michael G.