Buying through a trust in QLD

[Nominees]

In NSW and VIC we are only required to but the company name on a contract, even though we may be purchasing a property for a trust. (we simply have to keep minutes of what we are doing.)

I was told toady that in QLD we HAVE to include the whole name of the purchaser. (i.e. ABC Pty Ltd ATF the XYZ trust)

Can someone confirm that this is true? Is this only for QLD or are there other states like this ?

Cheers,

Nom

 

[NigelW]

In NSW and VIC we are only required to but the company name on a contract, even though we may be purchasing a property for a trust. (we simply have to keep minutes of what we are doing.)

I was told toady that in QLD we HAVE to include the whole name of the purchaser. (i.e. ABC Pty Ltd ATF the XYZ trust)

Can someone confirm that this is true? Is this only for QLD or are there other states like this ?

Cheers,

Nom

I don't believe that is correct. Who told you that? What was their reason for insisting on inclusion of the trustee capacity? It wasn't a real estate agent was it ???

It certainly isn't for land title purposes. The LTO Register in Qld has no scope to note beneficial as opposed to legal ownership.

Whilst including those words on the contract is certainly good evidence that the property is held in trust and not beneficially for the trustee, it is not the only evidence which will suffice. Relevant company/trust minutes are sufficient as you've noted.

What if, for example, you're using a Nominee company (excuse the pun Nom..) to hold assets on behalf of another entity? Happens all the time at the big end of town...would you then have to put on the contract XYZ as bare trustee for ABC which in turn holds as trustee for the Mr ABC family trust...

You've been given a bum steer I think.

Cheers
N.

 

[Nominees]

Actually it is my lawyer who told me that!

I did do a search through the forum and found that writing the full name on a contract is a MUST in QLD....

Doesn't make sense to me either. Is there a lwayer here that practices in QLD that can shed some light on this issue?

Cheers,

Nom

 

[NigelW]

Actually it is my lawyer who told me that!

Doesn't make sense to me either. Is there a lwayer here that practices in QLD that can shed some light on this issue?

Cheers,

Nom

I am and I have.

I still say that your lawyer is, with respect, wrong. If your lawyer cannot explain exactly why it is the case that s/he thinks this is required then I'd be concerned.

Cheers
N.

 

[Nominees]

Hi Nigel,

Thanks for your advice. I will ask my lawyer to explain to me why this is the case. I guess what convinced me is that she said I would have to send her a copy of the trust deed and then the original to be sighted by the Queensland lands title office!

Here is a thread I started when I first looked into trusts. Towards the bottom (the 9th and 10th thread) two people also mentioned that it was mandatory to write the whole name for QLD:
http://www.somersoft.com/forums/showthread.php?t=8281

Thanks again,

nom

 

[kierank]

Here is a thread I started when I first looked into trusts. Towards the bottom (the 9th and 10th thread) two people also mentioned that it was mandatory to write the whole name for QLD:
http://www.somersoft.com/forums/showthread.php?t=8281

I bought an IP in QLD late last year in the my Hybrid Trust and my solicitor told me to use "trustee co ATF trust".

Now I am confused

 

[Jimmyjamjars]

On The Contract

I asked my solicitor this very question when he was sitting with another solicitor and the answer that came back from both was that the name on the the contract had to be a person, or company (with director) ATF "the trust". The reason they gave for this is that a trust itself, is, in effect, merely a document and the name on the contract has to be an actual entity. Before anyone replies disputing me or offering alternative views, I only asked them this question as I have seen a few queries regarding this very topic on here and thought I would get it straight from the horses mouth, so to speak.
JIM

 

[asy]

Hiya Nom.

We always put: full name, as trustee and/or nominee...

hope this helps,

asy