Creation of a trust – Property for rent in Singapore
Property for rent in Singapore – A trust can be created in the following ways:
1) By expressed declaration through a Deed of Trust
For example, it may be stated in a Deed of Trust that the trustee is holding the property in trust for the actual owner’s children (beneficiaries) and will transfer the property to the actual owner’s children as joint tenants once they have reached 21 years old. Property for rent in Singapore.
2) Through a will
For example, the testator may in his will states that he wants his wife to hold in trust 50% share of the property for their children and to transfer the 50% share to them only when they have reached 21 years old.
3) Implied by law in the form of a resulting trust
For example, a man called Peter bought a property and paid 100% in cash from his own savings but registered it in his then girl friend’s name called Jane. When their relationship soured, Peter sued Jane for the return of the property. Peter claimed that Jane was holding the property in trust for him. If the evidence is in favour of Peter, the Court may rule that it is a resulting trust because Jane is holding the property in trust for Peter and may order Jane to transfer the title to Peter.
4) Implied by law in the form of a constructive trust
For example, a man called John cheated $500,000 from a man called Don and uses that money to buy a property. If the court can trace the property back to Don’s money, the court can deem the property to be held in trust for Don, referred to as a constructive trust. John must then convey title of the property to the Don – even if rising property values had appreciated the value of the property by the time the transaction occurred. If the value of the property had instead depreciated, Don can demand for his losses (equal to the amount cheated) from John. Property for rent in Singapore.
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