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Declaration Of Trust For Tenants In Common

Declaration Of Trust For Tenants In Common Template for India

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Key Requirements PROMPT example:

Declaration Of Trust For Tenants In Common

"I need a Declaration of Trust for Tenants in Common for a residential property in Mumbai, where three family members will have different ownership shares (50%, 30%, and 20%), with specific provisions for first right of refusal if any owner wants to sell their share."

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Document background
A Declaration of Trust for Tenants in Common is essential when multiple parties invest in or inherit property in India and wish to formalize their co-ownership arrangement. This document is particularly crucial in situations where co-owners contribute different amounts to the property purchase or want to hold unequal shares. It operates within the framework of Indian trust law, specifically the Indian Trusts Act, 1882, and the Transfer of Property Act, 1882. The declaration clearly establishes each owner's share, rights, and obligations, provides for property management and expense sharing, and sets out procedures for future sale or transfer of shares. It's commonly used in family property arrangements, joint investments, and business partnerships involving real estate. The document must comply with Indian registration and stamp duty requirements, making it legally enforceable and providing clarity in case of disputes or ownership changes.
Suggested Sections

1. Parties: Details of all co-owners (beneficial owners) and the trustee(s)

2. Background: Context of property acquisition and reason for creating the trust

3. Definitions: Definitions of key terms used throughout the document

4. Declaration of Trust: Formal declaration establishing the trust and confirming the property is held as tenants in common

5. Beneficial Ownership: Clear statement of each owner's share in the property

6. Trust Property: Detailed description of the property held in trust

7. Powers and Duties of Trustees: Outline of trustees' responsibilities and authority in managing the trust

8. Rights and Obligations of Beneficial Owners: Specification of owners' rights, including sale of shares and decision-making powers

9. Expenses and Outgoings: Agreement on sharing property-related costs and expenses

10. Sale of Property: Procedures for selling the entire property and distribution of proceeds

11. Death of a Beneficial Owner: Provisions for handling an owner's share upon death

12. Governing Law: Confirmation that the trust is governed by Indian law

Optional Sections

1. Mortgage Provisions: Include when the property is mortgaged, detailing responsibilities for mortgage payments

2. Property Management: Include when specific management arrangements are needed for rental or commercial properties

3. Occupation Rights: Include when certain owners will occupy the property while others won't

4. Right of First Refusal: Include when co-owners want the right to purchase others' shares before external sale

5. Dispute Resolution: Include when parties want specific dispute resolution procedures beyond standard legal remedies

6. Insurance Obligations: Include when specific insurance requirements need to be detailed

7. Bank Account Arrangements: Include when a joint account is maintained for property expenses

Suggested Schedules

1. Schedule 1 - Property Details: Full legal description of the property including title details and registration numbers

2. Schedule 2 - Ownership Shares: Detailed breakdown of percentage shares held by each beneficial owner

3. Schedule 3 - Contributions: Record of financial contributions made by each owner towards property purchase

4. Schedule 4 - Contact Details: Contact information for all parties and their representatives

5. Appendix A - Property Documents: Copies of property title, registration documents, and related certificates

6. Appendix B - Property Valuation: Current market valuation report of the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

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Construction

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Legal

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Relevant Roles

Property Lawyer

Real Estate Attorney

Trust Manager

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Legal Counsel

Real Estate Agent

Property Developer

Financial Advisor

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Wealth Manager

Conveyancing Lawyer

Property Registration Officer

Trust Administrator

Legal Document Specialist

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