[WSBAPT] Fwd: TIC Deed Language/Form

[Samuel M. Meyler]

Thanks, Andrekita.  Yes, the decree addresses all of this.  I’m just looking for a deed specifically addressing ownership in varying percentages.  Thanks.

 

 

Samuel M. Meyler

Meyler Legal, PLLC 

1700 Westlake Ave. N., Ste. 200

Seattle, Washington 98109

Tel:  206.876.7770

Fax:  206.876.7771

Email:   <mailto:samuel at meylerlegal.com> samuel at meylerlegal.com

  

NOTICE:

 

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Andrekita Silva
Sent: Friday, November 12, 2021 8:16 PM
To: wsbapt at lists.wsbarppt.com
Subject: [WSBAPT] Fwd: TIC Deed Language/Form

 


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 <http://www.seattle-silvalaw.com> 






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

 

  

 

NOTICE:

 

 

 

This electronic message contains information which may be Confidential or Privileged and constitutes an electronic communication within the meaning of the Electronic Communications Privacy Act 18 USC 2510. The information is intended to be for the use of the individual or entity named above.  If you are not the intended recipient, please be aware that any disclosure, copying, distribution or use of the contents of this information is prohibited.  If you received this transmission in error, please notify the sender and delete the copy you received together with any attachments.  Thank you.

 

 

 

 



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