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[Property] What course of action

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clayten View Drop Down
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  Quote clayten Quote  Post ReplyReply Direct Link To This Post Topic: [Property] What course of action
    Posted: 13/June/2012 at 21:37
if any, can I legally take?

An accountant holds, in trust, a property for the family/my father.

My father wishes to sell the property.

I have instructed my accountant not to sell, as my father has previously promised this property to both my sisters and myself.

I attempted, through discourse with my father, to offer him the value of the property in payments over several years. He declined.

Before contacting my attorney I thought it prudent to develop some understanding of the issue.

Thanks in advance.

 

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jaazzz View Drop Down
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  Quote jaazzz Quote  Post ReplyReply Direct Link To This Post Posted: 14/June/2012 at 07:45


Will link your post to the property law forum.




Any opinion given should not be accepted as legal advice.

Please post your legal questions in a forum rather than sending a PM. Thanks

 

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MartinO View Drop Down
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  Quote MartinO Quote  Post ReplyReply Direct Link To This Post Posted: 14/June/2012 at 08:00
A few details of the trust may help us to answer. What sort of trust is it?

If a discretionary trust, who are the members and who has the discretion?

If it is some other sort of trust a few details, please.

Do you have any authority in the trust to give directions to the accountant? Did you attempt to obtain a loan to purchase the property from the trust?
I am NOT a lawyer. Anything said is NOT legal advice.

Please post your legal questions in a forum rather than sending a PM. Thanks.

 

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clayten View Drop Down
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  Quote clayten Quote  Post ReplyReply Direct Link To This Post Posted: 15/June/2012 at 19:44
Originally posted by MartinO

A few details of the trust may help us to answer. What sort of trust is it?

If a discretionary trust, who are the members and who has the discretion?

If it is some other sort of trust a few details, please.

Do you have any authority in the trust to give directions to the accountant? Did you attempt to obtain a loan to purchase the property from the trust?


I believe it is an implied trust.

I do have authority in directing the accountant.

No, I have not attempted to obtain a loan to purchase the property.

Thanks.

 

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  Quote clayten Quote  Post ReplyReply Direct Link To This Post Posted: 15/June/2012 at 19:44
Originally posted by jaazzz



Will link your post to the property law forum.






Thank you.

 

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MartinO View Drop Down
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  Quote MartinO Quote  Post ReplyReply Direct Link To This Post Posted: 17/June/2012 at 00:58
I don't know the answer to your question save to say that a promise is not binding, it is not the same as a contract.

Others may be able to add to this, please check back.
I am NOT a lawyer. Anything said is NOT legal advice.

Please post your legal questions in a forum rather than sending a PM. Thanks.

 

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clayten View Drop Down
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  Quote clayten Quote  Post ReplyReply Direct Link To This Post Posted: 17/June/2012 at 14:32
Okay, thank you.

I was not reliant on the promise to be sufficient. Perhaps when considered with the conditions established when the property was purchased as an implied trust there is some legal ground to ensure property is not sold.

 

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