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Joint ownership takes place when two people decide to purchase a property together. The most common situation is when married or unmarried couples buy a home together, but joint ownership may also be when friends or family members choose to jointly purchase a property.
A Deed of Trust is typically taken out by couples, but it can also be used by family members or friends who are investing in a property together. You’re less likely to need a Deed of Trust if you are buying your property 50/50 with your partner, as the final sale value of the property would just be split evenly again after any legal costs have been taken out. But when you have both put in different amounts of money into an investment, a Deed of Trust ensures each party gets their fair share back. This can prove incredibly useful in the unfortunate event of a messy breakup or dispute.
A Deed of Trust is a document which sets out the shares of a property that people own if the shares are not equal. This document is only required for a property held as a Tenancy in Common. You would advise the shares the property is held in or alternatively the amount you receive on the sale of a property before diving the proceeds equally.
Harrison's Solicitors offer advice on ways to jointly own a property
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Harrison's Solicitors are conveyancers who support their clients every step of the way. They have produced an article offering advice on how to jointly own a property. For more information, please visit www.harrisonssolicitors.com/ways-to-jointly-own-a-property/