Document background
The Declaration of Trust for Tenants in Common is essential when multiple parties wish to establish clear legal framework for co-ownership of property under German law. While trusts as known in common law jurisdictions don't exist in Germany, this document achieves similar objectives through provisions available in the German Civil Code (BGB). It's particularly useful when investors, family members, or business partners acquire property together and need to formalize their respective rights, responsibilities, and ownership shares. The document includes crucial details about property management, financial obligations, decision-making processes, and transfer rights, ensuring compliance with German property law and land registry requirements. It's commonly used in both residential and commercial property transactions where multiple parties seek to protect their interests while maintaining clear co-ownership structures.
