Declaration of Trust
A declaration of trust is a legal document that details the individual financial interests and obligations in a jointly owned property.
A declaration of trust will include details of
- the percentage of the property held by each party
- the financial contribution made by each part when purchasing the property
- ongoing financial obligations
- responsibilities for maintenance and repair
- how the property is valued when it is sold
- the process for one party selling their share
- what happens in the event of the death of a co-owner
Chris Salmon, Director
About the author
Chris Salmon is a co-founder and Director of Quittance Legal Services. Chris has played key roles in the shaping and scaling of a number of legal services brands and is a regular commentator in the legal press.