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Declaration Of Trust Tenants In Common
"I need a Declaration of Trust Tenants in Common for a Hong Kong residential property where three family members will have different ownership shares (50%, 30%, and 20%), with specific provisions for succession planning and a clause requiring all parties' consent for any future sale."
1. Parties: Details of the Trustee(s) and Beneficiaries with their full names and addresses
2. Background: Context of the arrangement, including the purchase of the property and intention to hold as tenants in common
3. Definitions: Key terms used throughout the document including 'Property', 'Beneficial Interest', 'Share', etc.
4. Declaration of Trust: Formal declaration of the trust arrangement and confirmation of beneficial ownership shares
5. Property Details: Full legal description of the property and any existing encumbrances
6. Beneficial Ownership: Specific shares/proportions of beneficial ownership for each beneficiary
7. Trustees' Powers and Duties: Powers and responsibilities of the trustees in managing the property
8. Property Expenses and Income: Arrangements for sharing costs, expenses, and any rental income
9. Decision Making: Process for making decisions about the property, including required majorities
10. Sale and Transfer Provisions: Procedures for handling future sale or transfer of beneficial interests
11. Death and Succession: Provisions dealing with death of a beneficiary and succession of their interest
12. Governing Law: Confirmation that the trust is governed by Hong Kong law
1. Mortgage Provisions: Required if the property is mortgaged, detailing mortgage obligations and responsibilities
2. Property Management: Detailed management provisions if the property is to be actively managed or let
3. Occupation Rights: Required if any beneficiaries will occupy the property, setting out terms of occupation
4. Multiple Properties: Additional provisions required if the trust covers multiple properties
5. Bank Account: Provisions for joint bank account management if required for property expenses
6. Dispute Resolution: Detailed dispute resolution procedures beyond standard provisions
7. Right of First Refusal: Provisions giving existing beneficiaries first right to purchase others' shares
1. Schedule 1 - Property Details: Detailed legal description of the property including title number and address
2. Schedule 2 - Beneficial Ownership Schedule: Detailed breakdown of ownership shares and contributions
3. Schedule 3 - Initial Contributions: Record of initial financial contributions by each beneficiary
4. Schedule 4 - Property Expenses: List of agreed shared expenses and payment proportions
5. Appendix A - Property Title Documents: Copies of relevant title documents and land registry entries
6. Appendix B - Property Plans: Property plans and boundary details if relevant
Authors
Real Estate
Property Management
Legal Services
Banking & Finance
Wealth Management
Estate Planning
Property Development
Investment Management
Legal
Real Estate
Property Management
Wealth Management
Compliance
Trust Administration
Corporate Secretarial
Investment
Risk Management
Legal Counsel
Property Manager
Real Estate Lawyer
Trust Administrator
Wealth Manager
Estate Planning Advisor
Property Investment Manager
Compliance Officer
Real Estate Agent
Mortgage Advisor
Company Secretary
Trust Officer
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