A declaration of trust is also known as trust deed. Declaration of trust is a kind of statement that makes it clear how much property is owned by whom. The document should clearly state the contributions made by each person at the time of the purchase of the property. It should therefore also state who owns what and if someone wants to part the ways, what can be the terms and conditions to cope with that situation.
A declaration of trust should also state in light of the contributions made and anticipated contributions such as payment of a mortgage or additional work and the percentage each party owns.
A declaration of trust should also contain details of how the property expenses will be paid, responsibility for insurance, repairs, mortgage, maintenance etc. It should also provide a mechanism for the sale of the property; in the event of a breakdown in the relationship; or on the death of one party.
A declaration of trust is required in situation where two people are jointly owning the property whether as their home or as an investment. Declaration of trust is also needed where one individual is just a contributor to a property but do not own the property. In such case, the person might be paying for the mortgages directly or indirectly or paying for an extension on the property.
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