The ownership structure you choose when buying an investment property will impact your overall financial position. Trusts (e.g. family, discretionary or unit trust) and self-managed superannuation funds (SMSFs) are popular structures due to the asset protection, tax benefits and estate planning advantages they offer.
However, we often see these advantages being outweighed by the tax and stamp duty consequences (such as double transfer duty) because incorrect trust details were recorded on the contract. Also, you may lose any leverage you have gained in negotiation of the price and terms of the original contract if you have to ask the seller for a new contract with the correct name.
It is therefore important to seek legal advice before you sign a contract to ensure that the entity and trust details are correct. You can find experienced lawyers in your area who will be able to assist.