When two or more people buy a house or a flat together they may want their legal relationship as owners to be tenants in common. They might make a declaration of trust as a deed a type of legal agreement in order to record how the proceeds of the sale of the property will be divided given contributions to the purchase costs when it was bought and throughout the period of ownership. A declaration of trust allows you to set out how a property is owned in situations where you cannot or you do not want to register who really owns it at the Land Registry. The document creates a trust, appointing trustees to hold property for the benefit of the beneficiaries.
How Can I Do a Quit Claim Deed Myself?
Trust Deed Scotland ® Official Site
A trust deed is a three-party agreement that accompanies your mortgage, clarifying ownership rights as well a who owes what to whom. There are many reasons you may need to add another person to the document including marriage, to ensure the beneficiary of your choice inherits the property, or if you want to refinance the property with a co-signer on the new mortgage. Changing the trust deed does not alter the terms of the current mortgage, though you must have the bank involved in the process because it is one of the parties to the trust deed. Contact your lender to inform it of your intent.
Using a Warranty Deed
Last Updated: March 29, References. This article was co-authored by Clinton M. Sandvick, JD, PhD. Clinton M. Sandvick worked as a civil litigator in California for over 7 years.
An online hub of resources designed to strengthen communities. This resource, including the sample charitable trust deed, is currently being reviewed by Charities Services. An updated version will be available shortly. This resource includes a Charitable Trust Sample Deed for New Foundations , which can be downloaded from the Supporting Files section at the top right of the page. If you wish to use the sample as the basis for your trust deed it is important to carefully go through it to make sure that it will meet your needs.