A Trust Deed is a legally binding document setting out individual contributions to the purchase price and / or how the net sale proceeds are to be split.
It is helpful as it clarifies what happens on sale if the Buyers should acrimoniously split up.
If one party is investing significantly more money in the property it is advisable to have a Trust Deed prepared.
It provides certainty as to the parties intentions and can be relied upon in any future legal proceedings.
The Deed will make clear who gets what on eventual sale.
A Trust Deed, or Declaration of Trust, is additional to your conveyancing matter and will require a further legal fee.
See also my Co-Ownership article covering Joint Ownership and Tenants in Common.
You should also consider having a Will drafted when you own property. If you pass away without a Will your estate and assets are subject to intestacy law. This means your assets may not go to those you want them to.
MY SERVICES INCLUDE:
Acting for anyone Buying, Selling or Remortgaging In England or Wales
I am a:
• Solicitor of 23+ years
• SRA & CQS Regulated
• Help to Buy Accredited
• Recommended - Trustpilot & Yell.com
Instruct me for your:
• Transfer of names on deeds & mortgage
• Equity Release & Lifetime Mortgages
• Bridging Finance
• Auction Property
• Leasehold matter
• Freehold matter
• Trust Deeds & Declaration of Trusts
• ID1 Forms (HMLR)
• Statutory Declarations
• Independent Legal Advice
• Shared Ownership or Shared Equity
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