Declaration of Trusts

If you are acting on a Sale how do you know if the property is affected by a Declaration of Trust

• There will be a Form A Restriction on the Title

• There will be a Form B Restriction on the Title

• There will be no Restriction on the Title

• There will be a Form LL Restriction on the Title

When would we advise the buyers to have a Deed of Trust. Select all that apply

• One client selling, both clients buying

• One client receiving a gift from parents towards a joint purchase

• One client putting all of the deposit down towards a joint purchase

• Buyers have dependent children from different relationships

How can a Joint Tenancy come to an end? Select all that apply

• Via a Transfer of Equity

• When the property is sold

• When one of the owners dies

• Seller severs the Joint Tenancy using form SEV

If the client wants a Declaration of Trust drafting for their purchase property, at what stage during the conveyancing process should the client have it signed, witnessed and returned to you?

• Prior to Exchange of Contracts

• 1 day prior to Completion

• 1 week after Completion

• 1 week after Registration

If acting on a Sale property, how can a Form B Restriction be complied with? Select all that apply

• Sale proceeds distributed as per the Deed of Trust instructions

• Certificate of Compliance issued to the buyers solicitors

• Form RX3 or RXC

• Second Trustee signing the TR1

Can we act for a Third party in relation to drafting a Deed of Trust?

• No, the Third party would need to get independent legal advice

• Yes, providing the client consents to it

• Depends on the circumstances

Which of the below scenarios best explains Joint Tenants?

• One person dies their interest automatically passes to the other owner

• One person dies their interest is dealt with as per their Will/Estate

When completing a Deed of Trust, what information should be included? Select all that apply?

• Buyers &

  Sellers names

• Mortgage Lender

• Property Address, Tenure & Title Number

• How the Net Sale Proceeds are to be split

• Price of Property