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Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11154
Experience:  30 years as a practising solicitor.
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Declaration of Trust final version - Can you Read through

Customer Question

Declaration of Trust final version - Can you Read through the attached word document of my declaration of trust and check if its correct. Will this allow me to receive 25% of the sale price minus any fees? thanks alan
Submitted: 1 year ago.
Category: Scots Law
Customer: replied 1 year ago.
Can I also confirm the meaning of net proceeds. If the property is sold for £208,000 after solicitor and estate agent fees and £52,000 is left after repaying estate agent and solicitor fees. What is the net proceeds value? Is it £52,000 or £208,000?
Expert:  JGM replied 1 year ago.
That's not quite right. It should read:

"(a) the mortgage and all sale costs shall be paid from the proceeds of sale. The said AAH shall receive the first £52,000.00 or 25% of the net free proceeds whichever is the greater. The remainder shall be divided equally between the parties".

Net free proceeds are what is left after repayment of mortgage and sale costs.