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Other names for the document:
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Deed of trust example
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How does a declaration of trust work?
A Declaration of Trust (also known as a Deed of Trust) is a legally binding document in which the legal owners of the property declare that they hold the property on trust for the beneficial owners and sets out the shares in which the beneficial interests are held.
Is a declaration of trust legally binding?
A Declaration of Trust is a legally binding written agreement which records the financial arrangement between the joint owners.
What should a declaration of trust include?
What's included in a Declaration of Trust will depend on your individual circumstances. It can include: How much each person contributes to the deposit, and how much will be repaid to them. What percentage of the property each person will own, and how the money will be split if the property is sold.
Do you need a solicitor for a declaration of trust?
The declaration is drafted on a piece of paper and signed by the legal owner with no need for a solicitor to be involved in its preparation, although read on to understand the limitations of the declaration.