Document background
The Declaration of Trust Tenants in Common is essential in Nigerian property transactions where multiple parties wish to own defined shares in a property while maintaining their individual interests. This document becomes necessary when parties are purchasing property together but want to own it in specific, possibly unequal shares, or when existing property owners wish to formally record their beneficial interests. It's particularly relevant in family arrangements, business partnerships, or investment scenarios. The document must comply with Nigerian land law, particularly the Land Use Act 1978 and trust legislation, and requires proper registration with relevant authorities. It includes crucial details about property management, maintenance responsibilities, cost sharing, and procedures for selling or transferring interests. This type of declaration is distinct from joint tenancy arrangements as it allows each owner to deal with their share independently and pass it on through their will.
