I was referred to contact you about this by Michael.
I am looking to purchase the block next door to my existing PPR (rural).
What does PPR mean?
What is the mechanism (if I choose to go down this path) to purchase it straight into my private living trust in RRDJ.
RRDJ is not a trust.. you are a living man and permitted to own property in your name.
I still don’t understand the idea behind the private living trust where there doesn’t appear to be any paperwork (where I have business experience with trusts and companies in the public arena, their Trust Deeds, accountants, solicitors, etc).
Beats me🧐 not sure who’s calling our registry a trust.. we’ve not formed any trusts don’t need to..
I am thinking of withdrawing cash from my Beneficiary account in my SMSF to make the purchase in my name only (where my wife is against moving anything in joint names into the RRDJ and my interest and membership in RRDJ is causing tension in the family).
We obviously support that idea.. everyone should build a portfolio in their living name.. it makes sense… so let us know when you’re ready and we can assist.
Am I correct in saying that when assets are transferred into RRDJ the ownership is vested in my private living trust and not the RRDJ itself? This is a huge sticking point for my family who are thinking that moving registration from the public to RRDJ just transfers ownership from govcorp to RRDJ and not to me/us…
No… the Registry records that the property is owned by you… we have no desire to interfere with members’ assets other than act as a registry for their protection… Corporate registries are different. They can seize property.. We can’t. We have no contract with you to do so..
The family is also concerned that while an asset is transferred into RRDJ and doesn’t appear to accrue govcorp rates rents and taxes while it is there, that in the event of my death and passage of the asset to the beneficiaries of my estate who are not members of RRDJ, that somehow when the asset appears again under the new ownership back in the govcorp system, many years worth of said rents rates and taxes may have accumulated in the background and will come back in to bite my beneficiaries. These are their legitimate concerns and nothing I have said up to this point can allay their concerns.
Your straw can’t transfer assets to you… It’s you that purchases the asset for the registered proprietor.. Language is crucial… A transfer also transfers liability. Also you can’t pay for it in fiat money.. only gold or silver.. that’s the Law.. so there is a bit of mucking around.. finally you the living man can will you estate to anyone you like.. straw or living.. it is called a will. . ask your family or look it up..
Regardless, would you kindly explain what happens with conveyancing paperwork etc., as I am having to weigh up what exactly I am going to do. Additionally if you are up to giving me any responses to my families concerns please go ahead.
The registry can and will assist you in the preparation and registration of the appropriate documents… That’s why we’re here…