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Declaration Of Trust Tenants In Common

Declaration Of Trust Tenants In Common Template for Malaysia

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Key Requirements PROMPT example:

Declaration Of Trust Tenants In Common

"I need a Declaration of Trust Tenants in Common for a residential property in Kuala Lumpur that I'm purchasing with my sister in March 2025, where we will have unequal shares (65:35 split) and need specific provisions for maintenance costs and potential future sale."

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Document background
The Declaration of Trust Tenants in Common is essential in Malaysian property transactions where multiple parties wish to own property in defined, separate shares while maintaining individual control over their portion. This document becomes particularly important in Malaysia's unique legal framework, which combines common law principles with local property regulations. The declaration explicitly states each owner's share, rights, and responsibilities, protecting all parties' interests and preventing future disputes. It's commonly used in family property arrangements, investment partnerships, and business property holdings. The document must comply with Malaysian legal requirements, including the Trustees Act 1949 and National Land Code 1965, and typically requires proper stamping under the Stamp Act 1949 to be legally enforceable.
Suggested Sections

1. Parties: Identification of the Trustee(s) and Beneficiaries with their full legal names and addresses

2. Background: Recitals explaining the context of the trust creation, including details of property acquisition and intention to hold as tenants in common

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

4. Declaration of Trust: The formal declaration establishing the trust and confirming the Trustee holds the property for the Beneficiaries

5. Beneficial Ownership: Clear statement of the shares/proportions in which the beneficial interest is held

6. Trustees' Powers and Duties: Details of the powers and responsibilities of the Trustees in managing the trust property

7. Property Management: Provisions for day-to-day management, maintenance, and expenses of the property

8. Decision Making: Procedures for making decisions regarding the property, including required majorities

9. Income and Expenditure: Arrangements for sharing income and expenses between the beneficial owners

10. Duration and Termination: Terms regarding the duration of the trust and circumstances for termination

Optional Sections

1. Occupancy Rights: Used when beneficiaries have specific rights to occupy the property

2. Mortgage Provisions: Required when the property is subject to a mortgage

3. Sale Provisions: Detailed procedures for selling the property, including right of first refusal

4. Dispute Resolution: Specific procedures for resolving disputes between beneficiaries

5. Death of Beneficiary: Provisions dealing with transmission of beneficial interest on death

6. Power of Attorney: Used when specific powers of attorney are needed for property management

7. Foreign Ownership: Required when any beneficiaries are foreign nationals, addressing relevant restrictions

Suggested Schedules

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

2. Schedule 2 - Ownership Shares: Detailed breakdown of beneficial ownership percentages

3. Schedule 3 - Contribution Schedule: Details of initial and ongoing financial contributions by each beneficiary

4. Schedule 4 - Management Rules: Specific rules and procedures for property management

5. Appendix A - Copy of Title: Copy of the property title document

6. Appendix B - Property Valuation: Current valuation report or agreed value 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

Legal Services

Banking & Finance

Property Development

Property Investment

Family Office Services

Wealth Management

Property Management

Relevant Teams

Legal

Real Estate

Property Management

Wealth Management

Compliance

Trust Administration

Conveyancing

Private Client Services

Relevant Roles

Property Lawyer

Real Estate Agent

Property Manager

Trust Officer

Legal Counsel

Conveyancing Executive

Wealth Manager

Estate Planner

Property Investment Advisor

Banking Relationship Manager

Land Registry Officer

Compliance Officer

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