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Declaration Of Trust Tenants In Common

Declaration Of Trust Tenants In Common Template for United Arab Emirates

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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 Dubai residential property jointly owned by three family members, with ownership splits of 50%, 25%, and 25%, where the 50% owner will act as trustee and manage the property rental income starting March 2025."

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Document background
The Declaration of Trust Tenants in Common is essential in the UAE property market where multiple parties wish to establish clear beneficial ownership rights in property while maintaining compliance with local laws. This document is particularly relevant in the UAE's dynamic real estate sector, where both local and international investors frequently engage in joint property ownership. The declaration explicitly details each party's ownership share, rights, and obligations, providing a framework for property management and decision-making. It addresses the complexities of the UAE's civil law system and property regulations, ensuring that the trust arrangement aligns with local legal requirements while protecting all parties' interests. The document is commonly used for both residential and commercial properties, particularly in situations involving family property arrangements, business partnerships, or investment consortiums.
Suggested Sections

1. Parties: Identification of the Trustee(s) and Beneficiaries, including full legal names, addresses, and nationality details as required under UAE law

2. Background: Recitals explaining the context of the trust arrangement, including details of the property acquisition and the intention to hold as tenants in common

3. Definitions: Key terms used throughout the document, including 'Property', 'Beneficial Interest', 'Share', 'Trust Period', and other relevant terminology

4. Declaration of Trust: Formal declaration establishing the trust and confirming the Trustee holds the Property for the Beneficiaries as tenants in common

5. Beneficial Ownership: Clear statement of the beneficial ownership shares held by each beneficiary, expressed as percentages or fractions

6. Property Management: Provisions regarding the management of the property, including decision-making processes and voting rights based on ownership shares

7. Income and Expenditure: Arrangements for sharing rental income, covering expenses, and managing operating costs in proportion to ownership shares

8. Sale and Transfer Provisions: Procedures for selling the property or transferring beneficial interests, including pre-emption rights and valuation mechanisms

9. Trustee Powers and Duties: Detailed description of trustee powers and responsibilities in managing the property and trust arrangement

10. Dispute Resolution: Procedures for resolving disputes between beneficiaries, including reference to UAE courts or arbitration

11. Governing Law: Confirmation of UAE law as the governing law and relevant emirate jurisdiction

Optional Sections

1. Property Maintenance: Specific provisions for property maintenance and repair responsibilities - include when property is for residential use

2. Occupancy Rights: Rules regarding personal occupancy of the property - include when any beneficiary will occupy the property

3. Banking Arrangements: Provisions for joint bank accounts and handling of property-related finances - include for complex arrangements with multiple income streams

4. Death of Beneficiary: Succession provisions in accordance with UAE law - include when parties want specific succession arrangements

5. Property Insurance: Specific insurance requirements and cost-sharing - include for high-value properties or commercial use

6. Management Company: Provisions for appointing a property management company - include for commercial properties or complex residential arrangements

Suggested Schedules

1. Schedule 1 - Property Details: Full legal description of the property including title deed details and any relevant UAE property registration information

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

3. Schedule 3 - Financial Contributions: Record of initial and ongoing financial contributions by each beneficiary

4. Schedule 4 - Management Procedures: Detailed procedures for property management, maintenance, and decision-making

5. Appendix A - Property Title Deed: Copy of the official property title deed from the relevant UAE land department

6. Appendix B - Initial Condition Report: Detailed report on the condition of the property at the time of trust creation

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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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Relevant Industries

Real Estate

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Banking and Finance

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Property Management

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Construction

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Relevant Teams

Legal

Real Estate

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Compliance

Investment

Corporate Advisory

Finance

Risk Management

Operations

Relevant Roles

Real Estate Lawyer

Property Manager

Investment Manager

Legal Counsel

Trust Administrator

Property Developer

Real Estate Agent

Compliance Officer

Financial Advisor

Asset Manager

Property Investment Consultant

Corporate Lawyer

Real Estate Investment Manager

Industries






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