The Declaration of Trust Tenants in Common is essential in Nigerian property transactions where multiple parties wish to own defined shares in a property while maintaining their individual interests. This document becomes necessary when parties are purchasing property together but want to own it in specific, possibly unequal shares, or when existing property owners wish to formally record their beneficial interests. It's particularly relevant in family arrangements, business partnerships, or investment scenarios. The document must comply with Nigerian land law, particularly the Land Use Act 1978 and trust legislation, and requires proper registration with relevant authorities. It includes crucial details about property management, maintenance responsibilities, cost sharing, and procedures for selling or transferring interests. This type of declaration is distinct from joint tenancy arrangements as it allows each owner to deal with their share independently and pass it on through their will.
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1. Parties: Details of all trustees and beneficiaries who will hold the property as tenants in common
2. Background: Explains the context of the trust creation, including details of the property and how ownership shares are to be held
3. Definitions: Defines key terms used throughout the document including 'Property', 'Share', 'Beneficiaries', and 'Trust Period'
4. Declaration of Trust: Formal declaration establishing the trust and specifying the shares held by each beneficiary
5. Property Details: Comprehensive description of the trust property including address, title number, and registration details
6. Beneficial Interests: Specifies the exact proportion of beneficial interest held by each beneficiary
7. Trustees' Powers and Duties: Outlines the powers and responsibilities of the trustees in managing the trust property
8. Management of Property: Details how the property will be managed, including maintenance, repairs, and improvements
9. Costs and Outgoings: Specifies how property-related expenses will be shared between beneficiaries
10. Sale and Transfer Provisions: Procedures for selling the property or transferring beneficial interests
11. Governing Law: Confirms the application of Nigerian law and jurisdiction
1. Income Provisions: Required if the property will generate rental income, specifying how income will be distributed
2. Death Provisions: Optional section dealing with what happens to a beneficiary's share upon death
3. Mortgage Provisions: Required if the property is subject to a mortgage, detailing payment responsibilities
4. Right of First Refusal: Optional section giving existing beneficiaries first right to purchase if another wishes to sell
5. Dispute Resolution: Optional detailed procedure for resolving disputes between beneficiaries
6. Occupation Rights: Required if any beneficiaries will occupy the property, detailing terms of occupation
1. Schedule 1 - Property Description: Detailed legal description of the property including boundaries and any rights or restrictions
2. Schedule 2 - Beneficial Interests Table: Table showing exact percentage shares of each beneficiary
3. Schedule 3 - Contribution Schedule: Details of initial contributions made by each beneficiary towards property purchase
4. Appendix A - Property Title Documents: Copies of relevant title documents and registration certificates
5. Appendix B - Property Valuation: Current market valuation of the property at trust creation
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