What is a Declaration of Trust?
A Declaration of Trust (Trust Deed) is a legally binding deed which states how a property is owned. This provides co-owners with the reassurance that their shares and responsibilities will always remain the same.
A Declaration can set out each propery owner’s contributions that was made when purchasing a property, who owns what share and what will happen in the event of someone wishing to be removed from the title.
Furthermore, it can detail how the property’s expenses will be paid upon sale or remortgage along with for instance, the responsibility for insurance, repairs, mortgage repayments, maintenance etc.
The Declaration can provide a mechanism for the sale of a property if there is a breakdown in a relationship or in the unfortunate event of the death of a party.
Ola Leslie Solicitors are experienced in preparing Declarations of Trust along with other types of Trust Deeds.
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