[WSBAPT] Fwd: TIC Deed Language/Form

[Andrekita Silva]

Law Office of
F.ANDREKITA SILVA
____________________________________________  
 
                                            
                     November 12, 2021
 
Sam,
 
In your case, does the divorce decree say the couple will hold the  
home as tenants in common? 
Or did the decree say they would sell and divide proceeds, and   
divorced couple decide _/AFTER ENTRY OF THE DECREE/_ that they would  
hold it indefinitely together as an investment?
 
Optimally, the decree itself should have set out all the requirements  
of the co-ownership.  However, instead of just executing a quitclaim  
deed to each as tenants-in-common, if the decree doesn't detail the  
terms of co-tenancy, co-ownership, they should execute an agreement  
that addresses all issues that surface when there is co-ownership of a  
home. For example,
 
1. Does either party get to live in the home?  If so, which one? What  
if they both want to live in the home? How to decide?
2. Who is responsible for the mortgage payments?
3. Who is responsible for costs to maintain the home?   Yardwork,  
broken windows,  broken water pipes, furnace repair, etc.
4. What are ordinary costs of maintenance and what are optional  
improvements?  broken water pipes, furnace repair, Painting the  
interior or exterior, updating a bathroom or kitchen, etc.
5. What if one party wants to sell/ improve and the other doesn’t want  
to sell/improve? 
6. What if one party can’t afford to pay costs for maintenance/  
improvements and the other advances costs? How will they be  
compensated if and when the house sells?
7. If one party lives in the home and pays the mortgage, do they get  
credit for mortgage payments upon the sale of the home? If so, how  
will that credit be determined (after subtracting fair market rental  
value? Based on how much it reduced the mortgage loan)?
8. What will be the ADR process to use in the event of a dispute on any issue?

There are probably other issues that need to be addressed (like  
whatever else is ordinarily in a rental agreement- like pets, etc.)   
but the above are the most common.
 
andrekita
Law Office of F. Andrekita Silva
1325 Fourth Avenue, Suite 2000
Seattle, Washington 98101
206-224-8288
www.seattle-silvalaw.com

----- Forwarded message from "Samuel M. Meyler" <samuel at meylerlegal.com> -----
    Date: Fri, 12 Nov 2021 16:58:45 -0800
    From: "Samuel M. Meyler" <samuel at meylerlegal.com>
Reply-To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] TIC Deed Language/Form
      To: 'WSBA Real Property Listserv' <wsbarp at lists.wsbarppt.com>,  
wsbapt at lists.wsbarppt.com


   Listmates,

    

    

    

    

   Former spouses are fulfilling the terms of a divorce settlement and  
order.  They have agreed to transfer the family home to themselves as  
tenants-in-common in different ownership percentages.  Does someone  
have a template deed reflecting a transfer to TICs in different  
ownership percentages that they wouldn’t mind sharing?  Bonus points  
if it is a template that fits the scenario of ex-spouses making such a  
transfer.  Thanks!

    

    

    

    

   Sam

    

    

    

    

    

    

    

   SAMUEL M. MEYLER

    

   MEYLER LEGAL, PLLC 

    

   1700 Westlake Ave. N., Ste. 200

    

   Seattle, Washington 98109

    

   TEL:  206.876.7770

    

   FAX:  206.876.7771

    

   EMAIL:  samuel at meylerlegal.com

    

     

    

   NOTICE:

    

    

    

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