Advice on deed

ravenfield

Many thanks for sharing your opinion, I think I'll shed a bit more light in the situation from what I know

MMM is the one who insists to prepare the deed. NNN never bother. XXX was upset and said will prepare her will to give all her share back to the parents when she dies, so YYY will never get any. Apparently the parents of XXX MMM NNN paid a huge down payment for AAA property so wants to protect it for the siblings (XXX MMM NNN). So it's just the parents agree with MMM that their children should get the share evenly. But I do wonder, if MMM and NNN will get their partner to sign it when they get married.

Anyway, I guess the vague statement is a bit odd then but M insists that the deed is only for this AAA property only.

Richard_Webster

Thanks Richard for your responses. However on page 1, it says something about future assets and liabilities.

The Parties have read and understood this Deed, are executing this Deed voluntarily, and believe this Deed to be fair and to represent their intentions with regard to any current or future assets and liabilities.

I am not sure if the above underline details mean any future assets we buy belong to them? as in XXX, MMM and NNN?

Whatever it may say about intentions it only deals with the particular property. I think all this can mean is that whatever happens in the future with regard to other assets then this asset stays with XXX

Generally, I share the views of others that really you would both be best off buying your own property together entirely free from the fetters of MMM and NNN.

DVardysShadow

ravenfield wrote: »

Many thanks for sharing your opinion, I think I'll shed a bit more light in the situation from what I know

MMM is the one who insists to prepare the deed. NNN never bother. XXX was upset and said will prepare her will to give all her share back to the parents when she dies, so YYY will never get any. Apparently the parents of XXX MMM NNN paid a huge down payment for AAA property so wants to protect it for the siblings (XXX MMM NNN). So it's just the parents agree with MMM that their children should get the share evenly. But I do wonder, if MMM and NNN will get their partner to sign it when they get married.

Anyway, I guess the vague statement is a bit odd then but M insists that the deed is only for this AAA property only.

Clarity emerges. This is all about M controlling X. X's share is for X to do with as X pleases, as are M's and N's shares respectively.

The difficulty here is telling M to get stuffed - which is right and proper - while allowing X to have a deed to protect this particular asset. Unfortunately X needs to be resilient enough to say what she wants for her own share of the asset in terms of her own intent and not in terms of what she wants for M and N.

If I were in the position of Y, I think I would expect X, M and N to set up their own trust deed to govern the property - which would address what M [and X and N] must do on getting married - and only sign a trust deed with Y in the light of the trust deed governing the property.

tbs624

Get professional legal advice before signing legal documents.

Don't rely on public forums for something like this , where you have no way of knowing who any of the rest of us are or what our professional status may be.

The family who are asking you to sign this document are trying to cover themselves against any charge of "duress" by making it clear within the Deed itself that you had at least 7 days in which to avail yourself of independent qualified legal advice. That legal advice would include looking at your whole situation and advising you accordingly so seek it out.

ravenfield

Thanks guys. I have made my appointment for legal advice. What a mess really.

DVardysShadow

tbs624 wrote: »

Get professional legal advice before signing legal documents.

Don't rely on public forums for something like this , where you have no way of knowing who any of the rest of us are or what our professional status may be.

The family who are asking you to sign this document are trying to cover themselves against any charge of "duress" by making it clear within the Deed itself that you had at least 7 days in which to avail yourself of independent qualified legal advice. That legal advice would include looking at your whole situation and advising you accordingly so seek it out.

While I agree with the above, I would suggest that there are 2 stages in reviewing a proposed legal document

• The sanity check - which OP is doing by asking here - and which relates to whether the agreement is even a good idea
• The legal check - which covers both the sanity check and a check that the agreement is actually doing what it is thought to be doing

For me, this deed does not even pass the sanity check.

ravenfield

DVardysShadow wrote: »

For me, this deed does not even pass the sanity check.

If the legal advicer thinks this is mental then it'll be easy for me to respond to the deed.

ravenfield

DVardysShadow wrote: »

If I were in the position of Y, I think I would expect X, M and N to set up their own trust deed to govern the property - which would address what M [and X and N] must do on getting married - and only sign a trust deed with Y in the light of the trust deed governing the property.

I just realised this approach is so much better. Will give this a try since Y doesn't have any property with X M and N.