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realestate within a SMSF

Discussion in 'Introductions' started by anniepom, 11th Mar, 2013.

  1. anniepom

    anniepom New Member

    Joined:
    11th Mar, 2013
    Posts:
    1
    Location:
    Perth WA
    Hi I am wanting to change my trust (2 members) into a corporate trustee.The trust owns 5 pieces of real estate, these have the two names as trustee for on the offer and acceptances. How do I change these? Has anybody done this?
     
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    First you will need to read the trust and see if there is a power to change the trustee and who/how can do this. Probably the appointor can remove the old trustee and replace the new one.

    Once you know it is possible you will need to ascertain if there is any stamp duty on the change as title deeds will need to change to the new legal owner.

    Establish the company and seek legal advice on its structure.

    You should also talk to your bank if there is a mortgage and new loans will need to be applied for and check if there are exit fees.

    Once this is done you will need to get the appropriate resoultions done using the appropriate authority. Then approach the title titles offices to transfer the title. This will have to be done at a settlement with your bank as they will need to discharge the mortgage nad then lodge a mortgage.