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Declaration Of Trust Tenants In Common
"I need a Declaration of Trust Tenants in Common for a property purchase with my sister, where I'm contributing 70% of the purchase price and she's contributing 30%, with completion scheduled for March 2025."
1. Parties: Details of trustees and beneficiaries
2. Background: Circumstances leading to creation of trust and property details
3. Definitions: Key terms used throughout the document
4. Declaration of Trust: Formal declaration of beneficial ownership shares
5. Property Details: Legal description of property subject to trust
6. Beneficial Interests: Specification of ownership percentages
7. Trustees' Powers and Duties: Legal obligations and authority of trustees
1. Sale Provisions: Procedures and arrangements for selling the property, including right of first refusal and valuation methods
2. Occupation Rights: Rights and conditions for occupying the property, including exclusive occupation arrangements
3. Mortgage Provisions: Arrangements for mortgage payments and responsibilities between co-owners
4. Death Provisions: Arrangements upon death of a beneficiary including succession rights and buy-out provisions
1. Schedule 1: Property Description: Detailed legal description of property including title number and address
2. Schedule 2: Contribution Schedule: Details of initial and ongoing financial contributions by parties
3. Schedule 3: Maintenance Obligations: Breakdown of maintenance responsibilities and cost-sharing arrangements
4. Appendix A: Property Title: Copy of property title documents and relevant land registry entries
Authors
Trust Period
Beneficial Interest
Beneficiaries
Trustees
Trust
Beneficial Share
Net Proceeds of Sale
Outgoings
Mortgage
Occupation Rights
Contribution
Initial Contribution
Maintenance Costs
Expenses
Encumbrances
Completion Date
Purchase Price
Sale
Transfer
Legal Title
Equitable Interest
Working Day
Trust Property
Joint Expenses
Insurance
Improvements
Capital Value
Conveyancer
Land Registry
Beneficial Interests
Property Details
Trustees' Powers
Trustees' Duties
Contributions
Outgoings and Expenses
Occupation Rights
Sale and Transfer
Mortgage Obligations
Property Maintenance
Insurance
Death Provisions
Improvements
Decision Making
Dispute Resolution
Termination
Severance
Notices
Variation
Assignment
Governing Law
Third Party Rights
Further Assurance
Costs
Entire Agreement
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