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Declaration Of Trust Joint Tenancy
"I need a Declaration of Trust Joint Tenancy for a residential property in Auckland that my sister and I are purchasing together in March 2025, with specific provisions for shared maintenance costs and potential future rental income."
1. Parties: Identification of all joint tenants who will be both trustees and beneficiaries
2. Background: Context of the trust creation, including property acquisition details and intention to hold as joint tenants
3. Definitions: Key terms used throughout the document including 'Property', 'Trust', 'Joint Tenants', and other relevant definitions
4. Declaration of Trust: Formal declaration establishing the trust and confirming joint tenancy arrangement
5. Property Details: Specific details of the property held in trust, including legal description and title reference
6. Nature of Joint Tenancy: Explanation of joint tenancy rights, including right of survivorship
7. Trustees' Powers: Powers of trustees in managing and dealing with the trust property
8. Trustees' Obligations: Duties and responsibilities of trustees in managing the property
9. Costs and Outgoings: Arrangements for sharing property expenses and maintenance costs
10. Death of a Joint Tenant: Provisions dealing with survivorship and automatic transfer upon death
11. Termination: Circumstances and process for terminating the trust
12. Governing Law: Confirmation that New Zealand law governs the trust
1. Relationship Property: Additional provisions required if joint tenants are in a relationship, addressing Property (Relationships) Act requirements
2. Property Management: Specific arrangements for day-to-day management of the property if required
3. Income Distribution: Provisions for handling rental or other income if the property generates revenue
4. Mortgage Arrangements: Specific provisions if the property is subject to a mortgage
5. Decision Making: Process for making decisions about the property if more than two joint tenants
6. Dispute Resolution: Procedures for resolving disputes between joint tenants
7. Insurance Requirements: Specific insurance obligations and arrangements
1. Schedule 1 - Property Details: Detailed legal description of the property, including title references and any encumbrances
2. Schedule 2 - Trustees' Powers: Comprehensive list of specific powers granted to trustees
3. Schedule 3 - Contribution Schedule: Details of financial contributions made by each joint tenant
4. Appendix A - Property Valuation: Current market valuation of the property at trust establishment
5. Appendix B - Property Condition Report: Detailed report on property condition at trust establishment
Authors
Real Estate
Property Management
Legal Services
Banking and Finance
Property Development
Residential Property
Commercial Property
Trust Services
Legal
Property Management
Real Estate
Conveyancing
Trust Administration
Wealth Management
Estate Planning
Property Services
Client Relations
Property Lawyer
Real Estate Agent
Property Manager
Trust Manager
Legal Counsel
Conveyancer
Estate Planning Attorney
Property Investment Advisor
Banking Relationship Manager
Mortgage Broker
Title Officer
Legal Executive
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