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Declaration Of Trust Tenants In Common

Declaration Of Trust Tenants In Common Template for New Zealand

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Key Requirements PROMPT example:

Declaration Of Trust Tenants In Common

"I need a Declaration of Trust Tenants in Common for a residential property in Auckland, where three family members will have different ownership shares (50%, 30%, and 20%), with specific provisions for first right of refusal if any owner wishes to sell their share."

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Document background
The Declaration of Trust Tenants in Common is essential when multiple parties wish to own specific shares in a property under New Zealand law. This document is commonly used in both residential and commercial contexts where co-owners want to clearly define their ownership proportions and establish a framework for property management. It's particularly relevant when parties are contributing different amounts to the property purchase or want to maintain separate ownership interests that can be independently sold or transferred. The declaration ensures compliance with New Zealand's Trusts Act 2019 and Property Law Act 2007, providing legal clarity on ownership rights, management responsibilities, and decision-making processes. It's frequently used in family property arrangements, investment partnerships, and business property holdings.
Suggested Sections

1. Parties: Identifies all trustees and beneficiaries involved in the trust arrangement

2. Background: Sets out the context of the trust creation and the intention to hold property as tenants in common

3. Definitions: Defines key terms used throughout the declaration

4. Declaration of Trust: Formal declaration establishing the trust and confirming the property is held as tenants in common

5. Ownership Shares: Specifies the exact proportion of ownership held by each tenant in common

6. Trustee Powers and Duties: Details the powers and responsibilities of the trustees in managing the trust property

7. Property Management: Establishes procedures for day-to-day management, maintenance, and costs of the property

8. Decision Making: Outlines how decisions regarding the property will be made between the co-owners

9. Income and Expenses: Specifies how rental income, expenses, and other financial matters will be handled

10. Transfer and Dealings: Sets out rules for selling, transferring, or encumbering ownership shares

11. Termination: Describes circumstances and procedures for terminating the trust arrangement

Optional Sections

1. Mortgage Provisions: Include when the property is subject to a mortgage, detailing how mortgage payments and responsibilities are shared

2. Occupation Rights: Include when any of the beneficiaries will occupy the property, specifying terms of occupation

3. Property Development: Include if there are plans to develop or significantly modify the property

4. Relationship Property Provisions: Include to address potential relationship property claims under the Property (Relationships) Act 1976

5. Dispute Resolution: Include specific dispute resolution procedures beyond standard legal remedies

6. Death of Co-owner: Include specific provisions for handling a co-owner's death beyond standard succession rules

7. First Right of Refusal: Include if co-owners want the right to purchase others' shares before external sale

Suggested Schedules

1. Schedule 1 - Property Details: Full legal description of the property including title references

2. Schedule 2 - Ownership Proportions: Detailed breakdown of ownership shares with percentages

3. Schedule 3 - Initial Contributions: Record of initial financial contributions by each party

4. Schedule 4 - Property Valuation: Initial valuation of the property at trust establishment

5. Schedule 5 - Occupancy Agreement: If applicable, terms and conditions of property occupation

6. Appendix A - Property Management Rules: Detailed rules for property management and maintenance

7. Appendix B - Decision Making Procedures: Detailed procedures for making various types of decisions

Authors

Alex Denne

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

alex.den.21@genieai.co
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