Have your clients repaid their LRBA and now want to sell the property?
Once a limited recourse borrowing arrangement has been repaid, the trustees of a Fund can decide that they would like to sell the property to a third party.
The property will be held by a holding trustee in a holding trust for the Fund, and the holding trustee will not have the power, or the right, to sell. But transferring the property back to the fund trustees, so that they can sell the property, can be costly and time consuming.
We can help!
With our Compliance Documents for the Sale of Property to a Third Party package, we can prepare the necessary documents so that the property does not need to be transferred to the fund trustees before being sold.
Our documents package provides the necessary resolutions and formal direction for the holding trustee to enter into the contract of sale and sign all other associated documents required for the sale of the property.
If the property has already been sold, we can provide documents confirming the winding up of the holding trust for audit purposes.
Please contact our helpdesk at Townsends Business & Corporate Lawyers on (02) 8296 6222 or email firstname.lastname@example.org for pricing and assistance with ordering this handy documents package.