Declaration of trust by husband and wife in respect of immovable property purchased out of joint contribution and subsequently mortgaged
Date:
________________________________________________________________________________________________________
(hereinafter called the husband)
And
_____________________________________________________________________________________________(hereinafter called the wife)
WHEREAS:
(1) Under and by virtue of a conveyance of even date herewith but executed before this deed and made between [vendor] of the one part and the husband and the wife of the other part and in consideration of the payment by the husband and the wife to the said [vendor] of the sum of Rs......... the freehold house and property known as.......... and situate at........... (hereinafter called the property) more fully described in the Schedule hereto and hereinafter referred to as .the said property. was conveyed to the husband and the wife free from encumbrances.
(2) By a legal charge of even date herewith but also executed before this deed the husband and the wife charged the property with the payment to the............. Building Society as charges of the sum of Rs........... borrowed by the husband and the wife from the said building society with interest thereon at the rate and by the instalments and subject to the terms and conditions therein set forth.
(3) The purchase money paid to the said [vendor] in consideration of the said conveyance was provided as to Rs........... by the husband and as to Rs........ by the wife and as to the balance being Rs........ by the husband and the wife.
(4) It has been agreed between the husband and the wife that they shall hold the property jointly as trustees for sale with power to postpone sale and that they shall hold the proceeds of such sale upon trust for themselves as tenants-incommon in the shares in which they have each contributed to the purchase of the said property and to the repayments of the instalments due under the said charge and to such extension and improvements to the said property (if any) as may from time to time be jointly agreed between the husband and the wife in so far as such extensions and improvement involve the expenditure of money.
NOW THIS DEED made in pursuance of the said agreement WITNESSETH as follows:
1. The husband and the wife shall hold the said property on trust to sell the same with power to postpone sale and shall hold the net proceeds of sale (after deducting there out the balance of any money due under the said legal charge) on trust for themselves as tenants-in-common in the proportions hereinafter mentioned.
2. The husband shall be entitled to such share of the total of the net proceeds of sale as shall be calculated by multiplying such total by the total of the said sum of Rs.......... paid by the husband together with all such further sums paid by the husband in respect of the said property whether by way of payment of instalments due under the said legal charge or for any extensions and improvements to the said property which the husband and the wife may from time to time jointly agree and dividing the product of such multiplication by the total of all sums paid by the husband and the wife with the agreement of one another in respect of the said property other than the said sum of Rs....... paid by the husband and the wife.
3. The wife shall be entitled to such share of the total of the net proceeds of sale as shall be calculated by multiplying such total by the total of the said sum of Rs.......... paid by the wife together with all such further sums paid by the wife in respect of the said property whether by way of payment of instalments due under the said legal charge or for any extensions and improvements to the said property which the husband and the wife may from time to time jointly agree and dividing the product of such multiplication by the total of all sums paid by the husband and the wife with the agreement of one another in respect of the said property other than the said sum of Rs.......... paid by the husband and the wife.
4. The trustees for the time being of this deed shall have full power (until the expiration of a period........... years from the date hereof or until the expiration of................. years from the death of the survivor of the parties hereto) to sell mortgage charge lease or otherwise dispose of the said property or any part thereof with all the powers in that behalf of an absolute owner.
THE SCHEDULE ABOVE REFERRED TO:
IN WITNESS, etc.
[Signature of both parties]
