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Purchase Res (vacant land) from trust business account
We’re looking at purchasing vacant land and we were wondering whether it’d be ok to pay for the res out of the trust business account? As in the way the funds were gifted to the trust (from individual names) and the trust would loan the funds on the terms that the sale of the res (whenever it may be) that 100% over the loan amount would be gifted back to the trust. The deposit has already be paid from the trust business account. Any feedback is beneficial.
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2 Replies
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Here’s a comment from a Q and A…
“A Foundation cannot hold assets/title but a Trust can. Set
the Trust up before buying the land and then purchase the land in
the name of the Trust. If you purchase the Trust afterwards and then transfer the property into the Trust you will pay stamp duty again. Watch the webinar on Trusts.”
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Than you morag, we will watch it again to wrap our heads around it.
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