Document background
A Declaration of Trust for Tenants in Common is essential when two or more parties purchase property together but wish to own it in defined, separate shares. This document is commonly used in Ireland for both residential and commercial property co-ownership, particularly among family members, business partners, or investors. It becomes especially important when co-owners have contributed different amounts to the purchase price or want to ensure their share passes according to their will rather than automatically to other owners. The document complies with Irish property law and trust legislation, providing a clear framework for property management, maintenance responsibilities, and dispute resolution. It should be prepared when the property is purchased or when existing owners wish to formally document their arrangements. The declaration includes crucial details such as ownership percentages, contribution records, property management protocols, and procedures for selling shares or the entire property.
