In Form TR1, where are the co-owners' shares specified for co-ownership?

• A. In the declaration of trust panel in Form TR1.
• B. In the mortgage deed.
• C. In the transfer of land certificate.
• D. In the buyer's contract.

Answer: (A)

When property is owned by more than one person, the distribution of who owns what (beneficial shares) needs to be stated. Form TR1 includes a declaration of trust panel specifically for this purpose, where you set out each co-owner’s share and the nature of the ownership (whether tenants in common or joint tenants). The mortgage deed merely secures a loan and doesn’t define or record ownership shares. The transfer of land certificate shows who has legal title, but not how that title is divided among co-owners in terms of percentages. The buyer’s contract governs the sale terms, not the allocation of beneficial interests.