Get the ownership structure right!
Choosing the correct ownership structure when purchasing a property is extremely important to consider prior to signing a contract. It is important that the pros and cons are weighed up and financial and tax advice obtained by the buyer to ensure that the right decision is made.
The purchasing entity can be an individual, a Self-Managed Super, Family Trust, Company or other combination.
Once the contract is signed, there are potential duty implications attached to amending the buying entity and it is likely that a Deed of Rescission and a new contract will need to be prepared in order to change the buying entity. There are costs associated with this process as well as likely delays to the settlement time frame.
To avoid issues, make sure the buying entity is clear and correct at the time of signing the contract or contact our office to discuss the best options.
