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Home > Forum > Mysore > Legal > Details about trust deed in Mysore

Details about trust deed in Mysore

Q: Hey folks. I would like to get some details about something called a 'Trust Deed'. Anyone from Mysore here can help? Thanks in advance!


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Replies (4)
1
There is a stamp duty involved too I suppose. Like in any other property deal document. The duty will however vary depending on the intention of the trust author, and on the other parameters involved in the document. Also, be careful that no will clashes with the transfer of property based on a trust deed.
Hema Kumar


2
Yeah. There are five important elements in creation of a trust deed. Five markers that are needed. The intention on the side of the author, the purpose of the trust document, the beneficiary, the property, and the transfer of the property in th name of the trustee. The Section 11 to 30 of the 1882 Trust Act lays down the liabilities of both the parties involved in the deed
Rama Gomes


3
There is a term for the people involved in a trust agreement. The one creating the trust is called a Settler, or Author of the Trust (yes, it must be written down). The person befenitting from the property is a Trustee in this case. there is a Trust Deed like you mentioned. It has some documentation requirements which can be found on the Karnataka Government Registration Website
Vijay Karthik


4
There was a Trust Act by the government in 1882. According to that trust, in terms of real estate, is defined as an obligation bestowed upon a thrid party in a proeprty deal, with a certain level of confidence from the owner to handle the property for someone else. Basically a trustee will hold the property for a third person.
Rohan Krishna


5

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