I was happy with your answer but I need to ask a supplementary question, and I am willing to pay a second fee if necessary. Four of my family members and I agreed to sell our respective homes, buy acreage in a rural area, and build three dwellings on it. Because we were all putting capital into the property, we decided to have the property in all our names as joint tenants. It just happened that my home was sold before the others. Centrelink has now cancelled my age pension for five years, because they claim I have gifted 4/5ths of my assets to my family. My first thought was that my family members could sign a Statutory Declaration, whereby they undertake to carry out the building work described, and I was planning to submit this document to the Department. I could not envisage how a contract could be worded that would effectively protect my pension - though I'm wondering whether my family's proposed involvement with the property could be regarded as consideration, and a contract drawn up on that basis. (The stupid part about the whole thing is that if the other properties had been sold first, my pension would not have been affected, since the proceeds from the sale of my home would have been used to erect the three dwellings.)
I will certainly give you the highest rating. Because my family members and I did not envisage any legal problems with our venture, no legal document was drawn up. Only the deposit has at present been paid on the rural property; the final settlement date will be in a few weeks. I was honest with the Department and told them that funds from the sale of my house would be used to buy the rural property, AND that when my family members sold their homes, they would be contributing funds equal to my contribution. Would it be too late for a contract to be drawn up now, along the lines you have suggested, and if so, would my family's legal obligation to inject capital into the property as per a Statutory Declaration, be acceptable as consideration?
I have given you the good rating, but I have still not received a reply to my follow-up question, ending with "be acceptable as consideration?"
I am still waiting for a reply to my follow up question ending with "be acceptable as consideration?"
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