A deed of trust is a must for joint owners; especially if you own unequal shares in the property. Joint owners of property, whether un-married, married, friends or family, you need to think about:

1. How long are you going to be joint owners for?
2. What happens if one of you can’t afford the mortgage?
3. What will you do if one of you wants to sell and the other wants to stay?
4. What happens if one person has paid more of the mortgage repayments?
5. How much are you going to pay towards household bills?
6. What happens if you fall out and the relationship turns sour?
7. How to separate out a gift to a specific owner?
8. What was your share of the deposit?

Agreeing the principles to some of these fundamental questions at the outset can ensure that if a problem arises, you have already agreed to the principles of the solution. Without these being agreed you’ll be faced with a lengthy legal battle trying to enforce your interests.

There are different levels of agreement that offer greater levels of protection depending on your relationship with your joint owner.

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