We are assisting my brother in law to purchase his own property. Is it ok for only his name to be on the title as he has

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Customer: We are assisting my brother in law to purchase his own property. Is it ok for only his name to be on the title as he has set up a AFG Property Ltd which shows shareholder perecentage of 80% and 20% (= the amount of money we are giving him)?
JA: What state are you in? It matters because laws vary by location.
Customer: New Zealand
JA: What steps have you taken so far?
Customer: as above - he has set up AFG PRoperty Ltd which shows 80/20 sharehold
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Answered by Chris The Lawyer in 19 mins 1 year ago
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Chris The Lawyer
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Chris The Lawyer, Expert

Hi My name is ***** ***** I am a New Zealand lawyer based in Wellingtonwith more than 42 years of experience. I am here to help with your questions.

Customer
great
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Chris The Lawyer, Expert

This depends on several factors. Are you lending him the money personally or lending to his company? Or are you taking a share of the property?

Customer
He has set up the AFG Investment Ltd with a 80/20 sharehold - the money I am giving him is 20% of the property purchase price
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Chris The Lawyer, Expert

Is that a gift or a loan?

Customer
it is money given to him for a 20% share in the property we purchase = loan?
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Chris The Lawyer, Expert

The test is whether you are giving him the money, lending him the money, or buying a share in the property-which is it?

Customer
sorry - the AFG Property Ltd is the company name
Customer
buying a share in the property
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Chris The Lawyer, Expert

If he buys the property in the company name, then you can own shares in the company. You should get a shareholders agreement to record how you will deal with the property and what happens if you want to sell your shares, and how to deal with disputes

Customer
I do not need my name on the title as long as the property is bought in the company name of AFG Property Ltd. Correct?
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Chris The Lawyer, Expert

And provided you are shown as a shareholder in his company

Customer
Does his estranged wife that is living in AU for the last 10 years have any claims on this property?
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Chris The Lawyer, Expert

How long have they been separated?

Customer
10 years
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Chris The Lawyer, Expert

Then provided her name is ***** ***** anything she will not have a claim, as there are time limits for claiming under the Property Relationships Act

Customer
what is the time limit please?
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Chris The Lawyer, Expert

Three years-if she hasnt claimed she is much too late

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Chris The Lawyer, Expert

Provided her name isnt on any of the property still

Customer
thank you and good bye
Customer
trying to rate you but system only lets me give 1 star?
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Chris The Lawyer, Expert

You can give up to 5

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