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In this video tutorial, the focus is on the importance of a declaration of trust when purchasing property. A declaration of trust outlines the nature of ownership and the contributions made by each party towards the deposit or mortgage payments. It provides clarity and certainty in a potentially expensive investment, helping to prevent future disputes, especially if one party wishes to sell their share. Trust deeds are legally binding and enforceable in court, clarifying true ownership beyond what a title deed states, and specifying each party's ownership proportion. The declaration can be customized to include details such as the contributions toward the deposit, including stamp duty.