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[Property] What course of action
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clayten
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Joined: 13/June/2012
Location: Australia
Posts: 4
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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
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Joined: 19/September/2009
Location: Australia
Posts: 5344
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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
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Joined: 02/March/2009
Location: Australia
Posts: 12068
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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
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Joined: 13/June/2012
Location: Australia
Posts: 4
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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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and Family Law Kit - case studies & property settlement calculator - $49.95
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clayten
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Joined: 13/June/2012
Location: Australia
Posts: 4
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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
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Joined: 02/March/2009
Location: Australia
Posts: 12068
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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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Powers of Attorney
from $29.95
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and Family Law Kit - case studies & property settlement calculator - $49.95
Consent Orders - financial separation and parenting orders - $725 -
full paralegal service
top
clayten
Newbie
Joined: 13/June/2012
Location: Australia
Posts: 4
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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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Services
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De
Facto Agreements , fully certified & enforceable - $1,350
DIY
Wills and
Powers of Attorney
from $29.95
Divorce
and Family Law Kit - case studies & property settlement calculator - $49.95
Consent Orders - financial separation and parenting orders - $725 -
full paralegal service
top
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