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Deed of Trust
luiza8
Posts: 98 Forumite
Good afternoon.
We are about to sign the paperwork for our first house and wondering if we should get (or need) a deed of trust. We plan to purchase as tenants in common and have contributed exactly 50/50 for the deposit and will be contributing equally to the monthly payments.
If we don’t get a deed of trust, is it generally accepted that after he sale of a house he funds are split 50/50, or do we have to get a deed of trust drawn up to state that? If it’s the latter, and we don’t have a deed of trust drawn up, what happens after the sale of the house?
Thanks
We are about to sign the paperwork for our first house and wondering if we should get (or need) a deed of trust. We plan to purchase as tenants in common and have contributed exactly 50/50 for the deposit and will be contributing equally to the monthly payments.
If we don’t get a deed of trust, is it generally accepted that after he sale of a house he funds are split 50/50, or do we have to get a deed of trust drawn up to state that? If it’s the latter, and we don’t have a deed of trust drawn up, what happens after the sale of the house?
Thanks
0
Comments
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What if you split and one wants to sell and the other doesn't?
I'd get a Deed of Trust.
https://www.co-oplegalservices.co.uk/media-centre/articles-may-aug-2017/what-does-a-declaration-of-trust-do/0 -
You don't need a separate deed of trust, you can state on the transfer document that you will hold the property as tenants in common in equal shares.
When the property is sold the proceeds will be split 50/50.0 -
What if you split and one wants to sell and the other doesn't?
I'd get a Deed of Trust.
https://www.co-oplegalservices.co.uk/media-centre/articles-may-aug-2017/what-does-a-declaration-of-trust-do/
What if we split and one wants to sell and the other doesn’t? Wouldn’t that mean we’re at a stalemate unless one of us has the funds to buy the other out?0 -
The deed need to include trigger event that result in disposal by sale or buy out etc, with time limits on buyout.
One key trigger event are deaths.
The deed can overrule wills so need to be consider together.
It needs to include rules for stalling events like establishing asking price.
The finances are the easy bit.0
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