I dont see many questions or enquiries about prospective purchasers using the Deed of Apparent Purchaser provisions which operates in most states. Its probably fallen out of favour in Vic as their duty Act has other provisons. But there are some instances where DofAP might benefit too.
Basic and VERY simplistic run down of DofAP is that A buys property using funds provided by B. Title is in A's name. At a later stage A's girlfriend (or other person seeking to make claim on the asset eg : bankruptcy) wants a claim on house. So B steps forward and the deed permits A to transfer property to B for nominal duty rather than transfer duty. Deed basically declares that A was holding it on Trust for B and was never A's. Proof is required such as evidence that B provided funds. Technically its a resulting trust.
Anyone doing this - examples ? Any lawyers who are up with this ? At times these provisons can assist to fix title issues later on. eg : Mum & dad buy jointly yet 100% of the cash was provided by Mum. It can be possible to transfer title to mum without transfer duty. Anyone share more ??
Basic and VERY simplistic run down of DofAP is that A buys property using funds provided by B. Title is in A's name. At a later stage A's girlfriend (or other person seeking to make claim on the asset eg : bankruptcy) wants a claim on house. So B steps forward and the deed permits A to transfer property to B for nominal duty rather than transfer duty. Deed basically declares that A was holding it on Trust for B and was never A's. Proof is required such as evidence that B provided funds. Technically its a resulting trust.
Anyone doing this - examples ? Any lawyers who are up with this ? At times these provisons can assist to fix title issues later on. eg : Mum & dad buy jointly yet 100% of the cash was provided by Mum. It can be possible to transfer title to mum without transfer duty. Anyone share more ??