changing contracts? (and or nominee issue)

[rodimus]

I put an offer on a land which was accepted. I used my company/trust 1 on the contract. I have a subject to finance clause up to October, until then which i can pull out.

I do not want to pull out. I still want to buy it, but in my Unit Trust which I just set up today (the old contract was signed 2 weeks ago).

Can i transfer it to my new unit trust since I dad add "and/or nominee" on the contract?

Or should i pull out from the old contract, and sign a new contract.

 

[Ecogirl]

Rodimus
I have a situation where my folks have placed a 'put/call option' contract on the house they're living in with the intention that my trust is going to buy it. They got advice from their solicitor regarding the 'and/or nominee' clause. They placed their names on the contract and have a clause in it which states that their nominee can purchase the ppty in place of them.

Their solicitor has instructed them to place my name (my trust) on the contract only when we go to settle otherwise we would be up for two lots of stamp duty. I don't quite understand it but that's what we have been instructed to do - my folks solicitor drew up the initial contract.

I believe we will be using the same REIQ contract. I hope this helps.
Cheers
Ecogirl

 

[bubbleroo]

Hi Rodimus,

When i bought my first property under a trust structure I was advised by my solicitor that the actual trust does not have to be existed before one can purchase, as long as the "name" of the trust is known.

So if you are certain of the name of the trust already, just put that down as the "buyer". The actual trust document will be required at settlement only. If you really in doubt why not ask your accountant or solicitor.

cheers
bubbles