Buying under a Trust - post exchange of contract

[Indifference]

I have done something which will cost me many dollars due to change in circumstance. I have exchanged contracts on a residential property as Joint Tenants with my wife, and now realise that I may need to settle under a Trust ownership arrangement.

Is this possible? Can you exchange contracts then settle under the name of a Trust if the contract does not contain and/or nominee?

Yes, I may seem to be stupid and some may think I should have been more particular before exchange of contract. However, my situation has changed (and not with my wife either) and owning the property myself is a very bad idea in my situation. (I am in the ACT)

Can anyone advise on this please?

cheers

Indi

 

[skater]

I believe you will be up for double stamp duty.

 

[bicko]

now please don't get up me for lack of detail,
but a few months back I was talking with a tax lawyer
and he mentioned a certain legal way of transfering into
a trust without incurring new stamp duty, he did however
also mention that the fee was around $9000.
I cant remember the terms used, so maybe try and find a
good legal eagle, it may save you some money.

cheers

bicko

 

[Bmok]

Is it too late for you to go to the Vendor and ask if they would be prepared to cancel your contract and re-write a new one in the name of the Trust? You never know, they might be obliging!! Get your solicitor to ask on your behalf, especially if your contract is not unconditional yet. Did this myself in Qld but don't know law for ACT.

Cheers,
Bernard

 

[bicko]

now thats why I love this forum
its a giant brains trust
nice thinking,

simple and it could work

cheers

bicko