Exact name on contract for a trustee company

[joyoboyo]

We are buying a commercial property using a discretionary trust.

On the actual contract I understand we need to use the Trustee Company as the entity purchasing the property.

My question is what is the exact format we enter the entity name on the contract to ensure it is legally correct.

So currently we have a trustee company for the Trust, let's say for example XYZ Pty Ltd is the Trustee Company for The ABC Trust

1. Do we put XYZ Pty Ltd as the purchaser name
2. or XYZ Pty Ltd as Trustee for ABC Trust - i've heard you may pay two lots of stamp duty if you do this
3. Or is there another option that is the correct way.

I just need to ensure that when we buy this property all the legal documents are filled out correctly from the start so the property is bought using the discretionary trust.

Any help appreciated on this. I do not really want to mess this up

 

[Terry_w]

We are buying a commercial property using a discretionary trust.

On the actual contract I understand we need to use the Trustee Company as the entity purchasing the property.

My question is what is the exact format we enter the entity name on the contract to ensure it is legally correct.

So currently we have a trustee company for the Trust, let's say for example XYZ Pty Ltd is the Trustee Company for The ABC Trust

1. Do we put XYZ Pty Ltd as the purchaser name
2. or XYZ Pty Ltd as Trustee for ABC Trust - i've heard you may pay two lots of stamp duty if you do this
3. Or is there another option that is the correct way.

I just need to ensure that when we buy this property all the legal documents are filled out correctly from the start so the property is bought using the discretionary trust.

Any help appreciated on this. I do not really want to mess this up

I am surprised you are not seeking legal advice on this. There is no one correct answer. Just think how are you going to prove the trustee owns the asset as trustee - which you may need to do down the track.

 

[Aaron_C]

Just put the name of the trustee company. Never had an issue. Of course when you go for the loan and stamp the deeds etc you will have to disclose that the company is acting as trustee but from a legal / transfer of land purpose it is the company buying it.

 

[joyoboyo]

Thanks Guys.

Terry - We are seeking legal advice on this but the forum is such a wealth of information it is always nice to get all views with this firstly.

Thanks Aaron - that would make sense

 

[NickB]

I have purchase quite a few properites through various trusts and have always used Option 2. XYZ Pty Ltd as Trustee for ABC Trust.

I am not saying it is right, but it has worked for me, and I never paid two lots of stamp duty.