Nominee clause and trusts

[shorty]

I'm about to purchase a property, but in the process of setting up a trust. The trust won't be finalised by the time I sign the contract.

The property will be purchased by myself and my partner. We will control the trust that is set up.

Quick question (I will also seek advice on this) - in VIC, if I add "and or nominee" to our names on the contract are we safe from double stamp duty?

 

[Terry_w]

I'm about to purchase a property, but in the process of setting up a trust. The trust won't be finalised by the time I sign the contract.

The property will be purchased by myself and my partner. We will control the trust that is set up.

Quick question (I will also seek advice on this) - in VIC, if I add "and or nominee" to our names on the contract are we safe from double stamp duty?

Seek stamp duty advice, but also legal advice on the asset protection aspects.

The person who enters the contract is liable if the nominee does not complete.

Also who is providing the deposit? If you then what is to stop a trustee in bankruptcy later arguing it is your property, even if title is in the name of the trustee?

 

[shorty]

Thanks Terry. You make some good points.

 

[Paul@PFI]

I'm about to purchase a property, but in the process of setting up a trust. The trust won't be finalised by the time I sign the contract.

The property will be purchased by myself and my partner. We will control the trust that is set up.

Quick question (I will also seek advice on this) - in VIC, if I add "and or nominee" to our names on the contract are we safe from double stamp duty?

If a Trust can be established in 24 hrs how is this possible ?? The legal question would be relevent to "what does it take to estblish a trust ??"
Signing a deed alone may not make a trust. How can a trust be a nominee when the trust isnt fomed, the trustee company maybe not incorporated and the contract made pensonally before the trust existence ??? No legal advice needed if thats is the case. No trust = double duty. And penalties.

"The property will be purchased by myself and my partner" indicates that there is no trust. Double duty is a real concern. I see people with a genuine trust then not open a bank account. They use personal money and avoid costs of a trust bank account. So they personally pay for a so called trust asset. Double duty is a concern. Terry's concern is the same - Even if the contract is for the trust, there is more required to make a trust acquisition than just a contract.

Why not seek legal advice to avoid a massive cost ?