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Declaration Of Trust Tenants In Common Template for Ireland

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Key Requirements PROMPT example:

Declaration Of Trust Tenants In Common

"I need a Declaration of Trust for Tenants in Common under Irish law for a residential property in Dublin, where my sister and I are purchasing together with a 70-30 split based on our contributions, and we need specific provisions for future sale and mortgage payments."

Document background
A Declaration of Trust Tenants in Common is essential when two or more parties purchase property together in Ireland but wish to own it in defined, separate shares rather than jointly. This arrangement is particularly common in family property purchases, investment properties, or when co-owners contribute unequal amounts to the purchase price. The document is governed by Irish law, particularly the Land and Conveyancing Law Reform Act 2009 and the Trustee Act 1893, and must be carefully drafted to ensure all beneficial interests are properly protected. It typically includes details of ownership proportions, financial obligations, property management arrangements, and procedures for selling or transferring interests. This type of declaration is crucial for preventing future disputes and protecting each owner's interest, especially in cases of death, divorce, or desire to sell.
Suggested Sections

1. Parties: Identifies all parties to the trust, including the trustees and beneficiaries

2. Background: Sets out the context of the arrangement, including details of the property purchase and the intention to hold as tenants in common

3. Definitions: Defines key terms used throughout the document

4. Declaration of Trust: Formal declaration that the property is held in trust as tenants in common, stating the beneficial ownership percentages

5. Property Details: Specific details of the property subject to the trust

6. Beneficial Interests: Detailed explanation of each party's share and rights in the property

7. Financial Contributions: Details of how purchase price, mortgage payments, maintenance costs, and other expenses are to be shared

8. Management and Decisions: Process for making decisions about the property, including maintenance, improvements, and sale

9. Sale or Transfer of Interests: Procedures for handling the sale or transfer of any party's beneficial interest

10. Death of a Beneficiary: Provisions dealing with what happens to a beneficial interest upon death

11. Dispute Resolution: Procedures for resolving disputes between the parties

12. Governing Law: Confirmation that the trust is governed by Irish law

Optional Sections

1. Right of First Refusal: Optional clause giving other beneficiaries first right to purchase if one party wishes to sell their share

2. Occupancy Arrangements: Required if any of the beneficiaries will be living in the property, setting out terms of occupation

3. Mortgage Provisions: Required if there is a mortgage on the property, detailing responsibilities for payments

4. Property Management Agreement: Optional section for properties that will be rented out, detailing how rental income and responsibilities will be managed

5. Buy-Out Provisions: Optional detailed procedures for one party buying out another's interest

6. Valuation Mechanism: Optional section detailing how the property will be valued in case of sale or transfer of interests

7. Insurance Requirements: Optional detailed provisions regarding property insurance responsibilities

Suggested Schedules

1. Schedule 1 - Property Description: Detailed legal description of the property including title number and registered address

2. Schedule 2 - Ownership Proportions: Detailed breakdown of beneficial ownership percentages and any conditions attached

3. Schedule 3 - Initial Financial Contributions: Record of initial contributions made by each party towards purchase price and associated costs

4. Schedule 4 - Mortgage Details: If applicable, details of the mortgage including lender, account number, and payment obligations

5. Appendix A - Property Title Documents: Copies of relevant title documents and land registry entries

6. Appendix B - Valuation Report: If applicable, current market valuation of the property

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions







































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Real Estate

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Real Estate Attorney

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