Trust was setup 8 yrs ago by accountant but she did not to have trust deed signed nor stamped - advice needed

fatboyslim on 09/10/2018 - 18:57
Last edited 09/10/2018 - 21:39

Hi guys, long story short:

I setup a trust to run my business 8 years ago. at the time, i paid this accountant to do the work for me say her name is Shirley.

fast forward 8 years, have recently bought a property under my trust and require financing from the bank, only to realise 2 days before settlement my trust deed was never signed by Shirley (She is the settler of my trust deed) nor she didn't have it stamped at the time.

We tried to contact her, the call went through the first time, but since she knew of the problem (during our first phone call that went through), She cannot be contacted again. eg, she ignored our request to sign the deed again and would not take our calls again, reply to emails nor to sms.

At the end of the day, the bank's lawyers finally accepted a stamped trust deed without her signatures, otherwise we wouldn't be able to settle the property and would lose our deposit in the hundred of thousands.

Financial loss suffered include the penalties of the stamp duties + interest and loss of income for a day's work because i have to attend to the matter and have the documents restamped 8 years later, not to even mention the stresses involved.

I know Shirley probably works from home and only has a mobile number, work number and an email address. She is also a CPA member

anything I can do regarding complaints and compensations?

all constructive comments welcome before I go seek legal advice. thanks in advance!

Financial

Comments

  • oscargamer on 09/10/2018 - 19:07
    +2

    Talk to the professional body, of which she was hopefully a member. See what they say.

    • NotJustChickenDinner on 09/10/2018 - 19:38
      +10

      Shirley your not serious!

    • Diji1 on 09/10/2018 - 21:45

      I've never really understood the point of going to a professional body in order to complain about someone who pays them money.

      • mbck on 09/10/2018 - 21:52

        Agree. Had an issue with a "lawyer" was sent to the legal board. They basically brushed and lied.

        Long story short, had a contract that was poorly drafted. We didn't use it until 1 year later and found multiple issues. The board said its too long, but according to their own rules, we have 2 years to lodge issues.

      • HighAndDry on 10/10/2018 - 10:52

        The professional body exists to also protect the reputation of their other members. If conduct is too egregious, they'd rather cut off a single member than let that affect the entire group. Depends on the conduct.

  • tsunamisurfer on 09/10/2018 - 20:04
    +8

    all construction comments welcome before I go seek legal advice. thanks in advance!

    I prefer double storey than single storey as it's a better use of space, but I know it costs more.

  • fatboyslim on 09/10/2018 - 21:40

    Corrected

  • Diji1 on 09/10/2018 - 21:47
    +2

    I'm no lawyer but it sounds like a pretty clear case of you suffering financial damage because of her negligence so presumably you can sue her to recover it.

    • fatboyslim on 10/10/2018 - 07:58

      My question is, since she doesnt have a physical address for business, n she keeps ignoring all emails, calls etc. What can be done to chase up compensations?

  • echelon6 on 13/10/2018 - 19:03

    only nsw requires stamping and really it's a OSR revenue raising scam

    at common law stamping isn't required

    go get it stamped now, no big deal

    also… buying property under a trust? enjoy paying land tax

    • Telcius on 15/10/2018 - 22:28

      I think that NSW, VIC,TAS and NT all require trust deeds be stamped.

      and I thought that land tax applies irrespective of ownership if its not the principal residence?

  • Telcius on 15/10/2018 - 22:26

    Is she actually a CPA? https://www.cpaaustralia.com.au/FindACpa/Locate.mvc/Index

    Do you have the invoice for the trust establishment? and if so are there itemised charges for arranging stamping and the duty itself?

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