Document background
The Declaration of Trust for Tenants in Common is essential when multiple parties purchase property together in Australia but wish to hold unequal shares or maintain separate ownership interests. This document is commonly used for family property arrangements, investment properties, or business partnerships where parties contribute different amounts to the purchase price. It clearly defines each owner's share, their rights and responsibilities, financial obligations, and decision-making processes. The declaration helps prevent future disputes by providing clear documentation of the arrangement and complies with Australian trust and property law requirements. It's particularly important when co-owners want to ensure their share passes according to their will rather than automatically transferring to other owners.
