Dear All,
Hope all of you are well.
I am currently auditing a Fund which has invested in two investment properties under limited recourse borrowing arrangements. Each property has its own bare trust. Both of them are sharing the same bare trustee, being XYZ Property Pty Ltd. Per review to the bare trust deeds, I noted that the documents look identical. The only difference is the underlying properties' addresses. Is it sufficient if the bare trust deeds do not have the name of the trust?
Could anyone assist with their opinion on this matter?
Hi Kylie
My understanding is that there is no requirement for bare trust deeds to have a name of the trust. I have seen bare trust deeds that have a name of the trust and seen them with no name for the trust.
I have always assumed it is just different ways that lawyers prepare them.
If any other forum member has a view please let the forum know.
Thanks
The Auditors Institute