I know this question has been asked many times before, any I appologise, but I want to make sure I get this correct.
I am purchasing a property in the ACT with an HDT. The Loan application is in my name. Should the property title be in the name of the trustee company, eg "XYZ Pty Ltd" (as I understand is the case in NSW) or should it be "XYZ Pty Ltd ATF The ABC Trust". I was not sure if it is handled differently in the ACT.
I understand that if I put "XYZ Pty Ltd" on the title, the purchase contract should document in the purchaser details that the Trustee (company) is acting as trustee of the ABC Trust. This will provide documentation that the trustee was acting on behalf of the trust fund , and not on it's own behalf.
Also, when I sign the contract for sale, under my signature should I have "Name as Director of XYZ Pty Ltd ATF The ABC Trust"
Last thing, I also take it that the guarantor on the loan will be the same as that on the property title, ie just the trustee company, or the company ATF trust, whichever is correct above.
Much appreciated if you an clarify these things for me.
I am purchasing a property in the ACT with an HDT. The Loan application is in my name. Should the property title be in the name of the trustee company, eg "XYZ Pty Ltd" (as I understand is the case in NSW) or should it be "XYZ Pty Ltd ATF The ABC Trust". I was not sure if it is handled differently in the ACT.
I understand that if I put "XYZ Pty Ltd" on the title, the purchase contract should document in the purchaser details that the Trustee (company) is acting as trustee of the ABC Trust. This will provide documentation that the trustee was acting on behalf of the trust fund , and not on it's own behalf.
Also, when I sign the contract for sale, under my signature should I have "Name as Director of XYZ Pty Ltd ATF The ABC Trust"
Last thing, I also take it that the guarantor on the loan will be the same as that on the property title, ie just the trustee company, or the company ATF trust, whichever is correct above.
Much appreciated if you an clarify these things for me.
