QLD Transfer of ownership for a specified time period

Discussion in 'Commercial Law Forum' started by ben312077, 9 January 2019.

  1. ben312077

    ben312077 Member

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    Hi All,

    I was wondering if anyone could help me out with the following question. I would like to know if it is possible to transfer ownership of an item to another person for a specified period of time, particularly in regards to hiring an item to someone else. Whether it be a car, boat or plant equipment for example. (not real estate)

    Ended up thoroughly confusing myself whilst googling "incidents of ownership."

    Any advise would be greatly appreciated.

    Thankyou
     
  2. Scruff

    Scruff Well-Known Member

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    "hiring" is not "ownership". Can you elaborate on the specifics?
     
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  3. ben312077

    ben312077 Member

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    Hi Scruff, thanks for the response.

    I’ll try my best to elaborate.

    If I wanted to hire some equipment to somebody else. But that person needed to be the “owner operator” of the equipment for licensing purposes. Would it be possible to have a scenario where I could enter an agreement and transfer ownership to them for a set period of time like a day or a week, after which it would revert back to me?

    I’m not sure that’s going to help that much. It’s rather tricky to explain.
     
  4. Rob Legat - SBPL

    LawTap Verified

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    In order to achieve 'true' transfer of ownership, you'd probably be looking at a full transfer of the item together with an option agreement (either a call option, or a put and call option) to require the item to be re-transferred. This can be done with an attached security interest to be able to compel compliance. Depending on the asset, you'll likely be up for transfer duty both ways. For a short term thing, this is likely not going to be cost effective.

    Another possibility, provided it meets your requirements, is to formally lease the item. You'd need to check the the 'owner operator' requirements closely.
     
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  5. ben312077

    ben312077 Member

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