Deed of Trust

Need help with Deed of Trust?

The Deed of Trust is a legal document, that we can assist with, which is used to define percentage ownership of a assets such as property. A typical example of when a Deed of Trust is created is when two people buy property and one person contributes more than the other in the purchase. Generally there are two more parties to a Deed of Trust as such both parties should take legal advice before entering into any kind of trust arrangement.

Why make one?

The most common scenario for preparing a declaration of trust is where there have been different contributions towards the purchase price or where money has been provided by a 3rd party who is not noted on the title deeds. It can also be used to determine the division of any proceeds of sale when the property is sold. A Deed of Trust is a legally binding document and what is set out will be definitive.

With regret, we are unable to publish our prices for Deeds of Trust or Declarations of Trusts as there are so many different variations. They can only be priced on application so call us free for a quote

Cohabiting Couples

It is sensible for cohabiting couples to make a Deed of Trust when they first move in together. If one party was investing more money than the other into the property it could be created detailing what would happen in the event that they decided to part. The deed would generally gift the same investment back to the party that invested the most money. Trust deeds could then state that any profits would be shared equally or proportionately.

Protecting your Interests

If you had invested a large amount of money into a relative`s house, it is recommended to have a Declaration of Trust drafted. If you have purchased a property with a friend or business partner, it is sensible to prepare for all eventualities. You may be a contributor to a property but do not own it. For example, you may be directly or indirectly or paying the mortgage or funding a renovation or an extension to the property. The deed of trust would state what is to happen in the event that the property is sold, thus protecting your initial investment.

What Information Does a Deed of Trust Contain?

IWC can draft your deed to be as simple or as complex as you wish. Here are some common points that are covered:

• How much deposit each party is contributing
• The percentage of the mortgage that each person is going to pay
• How other expenses will be paid such as insurance, repairs and maintenance
• How will you split any equity when you sell the property?
• What happens if one party wants to sell and the other doesn`t?
• What happens to the property in the event one of you dies?
• How will you handle other changes in circumstances such as one of you loses your job, gets married or has a baby?

IWC can draft your trust deed for a low cost fixed fee. This will reduce the risk of buying a property with someone else and protect you. If you’re concerned about cohabitation, joint ownership, equity or how a declaration of trust might affect you; call now for a free quote .