Most people understand that when a motor vehicle is sold, the owner of the car has to sign the sale papers. These days, the buyer also has to sign the sale papers. The same analogy applies to houses owned by a trust. Vendors and purchasers have to sign an Agreement for Sale and Purchase ("agreement"). Unfortunately, this often doesn't occur and disastrous consequences can follow.
When your home is owned by a trust, it's legal ownership is vested in the trustees of the trust. Those trustees should be noted on the ownership papers of the home. It's common sense therefore, that the trustees have to sign the agreement - after all, they're the owners of the home! Common sense however, isn't always so commonly practiced.Hi I received a copy of your Property 101 book as part of subscribing to the Property Investor magazine. Once I started reading I couldn’t put the book down. I have 4 investment properties (all based in Upper Hutt, Wellington) but never really understood the science of property investing. I am so much more informed now that I have read your book. After reading your book I will approach my next purchase differently and be a much more informed investor. The weblinks also provide great sources of information to follow up on and a property mentor will be someone I will definitely be seeking out. At the end of the book it included an offer for a discussion with GRA which I am keen to take up. Regards - GH - September 2015
Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.
We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.
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