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NSW Tenants in Common - Options Other than Declaration of Trust?

Discussion in 'Property Law Forum' started by peter bauer, 26 August 2016.

  1. peter bauer

    peter bauer Member

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    We own 100 acres of freehold land with 4 couples. The certificate of title is in the name of one person only. The land is owned according to a declaration of trust. The agreement states that "...ownership of land is as joint tenants between husband and wife and as tenants in common and as between all other parties." An exit clause states that remaining partners pay outgoing partner 65% of valuer-generals valuation.

    Is there a better option than declaration of trust?

    How can we bequeath our share?

    It costs increasingly more to pay parties out - any alternative?
     
  2. Rod

    Rod Well-Known Member

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    What is better depends on what it is you are trying to achieve.

    If you want ease of exit and are not on the title, then what you have, assuming it is properly prepared, is a good solution. If you want a stronger claim to the property being on title is better.

    Being able to bequeath your current ownership may depend on the contents of the declaration of trust.

    This is a logical extension of owning valuable land. Not sure why you are complaining about it now. This is something to consider before signing the declaration of trust. It is a bit like moving to a river front property in far north Queensland and saying how do I fix the crocodile problem.
     

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