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Declaration Of Trust Tenants In Common Unequal Shares
"I need a Declaration of Trust Tenants in Common Unequal Shares for a property purchase with my sister, where I will own 70% and she will own 30% of a house in Manchester, with completion scheduled for March 2025."
1. Parties: Details of trustees and beneficiaries, including full names, addresses and other identifying information
2. Background: Property details and circumstances leading to trust creation, including purchase price and contributions
3. Definitions: Key terms used throughout the document including 'Property', 'Beneficial Interest', 'Trust', etc.
4. Declaration of Trust: Formal declaration of beneficial interests and shares, stating the property is held on trust
5. Trustees' Powers and Duties: Scope of trustees' authority and responsibilities under the Trust of Land and Appointment of Trustees Act 1996
6. Division of Beneficial Interest: Specific percentage or fraction of ownership for each beneficiary, including how this was calculated
1. Property Management: Provisions for day-to-day management, including maintenance responsibilities and cost sharing
2. Sale Provisions: Process for selling the property, including right of first refusal and valuation methods
3. Occupation Rights: Rights of beneficiaries to occupy the property and conditions for occupation
1. Schedule 1 - Property Details: Full legal description of the property including title number, address, and registered details
2. Schedule 2 - Contribution Schedule: Details of financial contributions made by each party including initial deposit and mortgage payments
3. Schedule 3 - Management Provisions: Detailed arrangements for property management including maintenance, insurance, and utility responsibilities
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